WardWizard Innovations and Mobility has announced that it has, in collaboration with its Promoters and Promoters' Group, acquired four million square feet of land in Vadodara with possession via MOU & Agreement for Sale for the development of its EV ancillary project.
According to a press release from the company, the development of the EV ancillary cluster will begin in phases commencing in February 2022. It aims to provide a unique solution for localising and strengthening the raw material supply chain for EV manufacturing.
The venture claims that through this project, it will be able to eliminate the country's ongoing challenges with raw materials supply for electric vehicle manufacturing by producing essential components. These components include electric motors, chassis, steel parts, lithium-ion cell manufacturing unit, lithium-ion battery assembly unit, chargers, controllers, R&D centre and production of electronic components. Besides, it will also create employment for an additional 6,000 people in the state.
Furthermore, the land will also be used to produce high-speed electric two-wheelers, electric three-wheelers (passenger segment), R&D of electric four-wheelers, and other future projects.
Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility, said, “Through the EV cluster programme, we aim to strengthen the demand-supply chain of raw materials to reduce the dependency on import of essential components and provide cost benefits to the customers for the rapid adoption of electric mobility in the country.”
The company has already received a letter of intent from six customers and aims to add more from the national and international markets, the release added.