Vadodara firm signs MoU with Gujarat government to set up city e-vehicle hub
Dec 30, 2023
Vadodara (Gujarat) [India], December 30 : Vadodara's Wordwizard Innovation and Mobility Limited has entered into a Memorandum of Understanding (MoU) valued at Rs 2000 crore with the Gujarat government. The company aims to establish Vadodara as the center for electric vehicles and anticipates the creation of over 6000 new jobs.
As per the MoU with the Gujarat government, the company has acquired 100 acres of land and plans to establish auxiliary cluster units for battery manufacturing, control unit production, and motor manufacturing.
"At present, we have to depend on other countries for all these things to make an e-vehicle, but when these auxiliary units are made, then all these will be made in our country and we can become self-reliant in these things as well," Word Wizard MD Yatin Gupte said.
Gupte said that Wordwizard will provide free land and infrastructure to vendors setting up these ancillary units and these vendors will be able to sell their manufactured products not only on Cipher WordWizard but also in the open market.
This comprehensive ecosystem is expected to result in the creation of a total of 6000 jobs, he added.
"For the lithium-ion battery, we have to depend on countries like China. But according to this MOU, in the next 18 months, we will also set up a plant to make lithium battery cells of one gigahertz," Yatin Gupte said.
Gupte shared that his company had earlier signed an MOU of Rs 500 crore with the government and had invested around Rs 650 crore. This time it has signed an MOU of Rs 2000 crore which will hopefully be exceeded, he said.
Gupte said that earlier Tamil Nadu was considered an ideal state for e-vehicles, but now Gujarat, especially Vadodara, has become the hub of e-vehicles.
The Word Wizard MD said that his company is currently making two and three-wheelers and in the future, the company will make four-wheelers and trucks. He said that it is easy to do business in Gujarat and he has not found such business facilities anywhere else as compared to the facilities available in Gujarat through Vibrant Gujarat.
"In the coming 10 years, I would like to make 50 thousand youths self-reliant through my company," he added.
