Gensol Engineering Ltd. signs MoU with Government of Gujarat to invest INR 2,000 Crore for EV Manufacturing

Gensol Engineering Limited (GEL), a leading renewable energy and electric mobility pioneer, announced a groundbreaking partnership with the Government of Gujarat, electrifying India's path towards a sustainable future. This landmark Memorandum of Understanding (MoU), signed in the presence of Hon'ble Chief Minister Shri Bhupendra Patel, as part of the investment promotion activity for Vibrant Gujarat Global Summit 2024, marks INR 2,000 Crore investment in a state-of-the-art Electric Vehicle (EV) manufacturing for Gensol EV, poised to generate around 1,500 green jobs in the region.

This strategic alliance signifies GEL's unwavering commitment to its vision of a cleaner tomorrow.

Commenting on the signing of the MoU, Anmol Singh Jaggi, Co-founder, Gensol Group said, "We extend our sincere gratitude to the Government of Gujarat for their invaluable collaboration and support. Our profound thanks for fostering an environment that aligns with our vision for revolutionizing the ever-growing EV landscape. The INR 2,000 Crore investment stands as a testament to our confidence in the state's commitment to sustainable growth and green manufacturing. We look forward to a mutually beneficial partnership that propels Gujarat to new heights in the EV revolution."

The proposed EV manufacturing plant will be a powerhouse of innovation, churning out a diverse range of cutting-edge EVs across segments, catering to both commercial and personal vehicle space. The signing of this MoU marks a defining moment in the collective endeavor of GEL and the Government of Gujarat to accelerate EV adoption. This bold initiative exemplifies India's commitment to sustainable development, propelling the country towards a cleaner and greener future.

Key highlights of the MoU:

A powerhouse partnership: The Government of Gujarat and Gensol Engineering Ltd. join forces to electrify India's future

INR 2,000 crore investment: Fueling innovation and driving economic growth through a state-of-the-art EV manufacturing plant

1,500 green jobs: Empowering individuals and propelling Gujarat's EV ecosystem

Diverse EV portfolio: From passenger cars to commercial vehicles, catering to every aspect of sustainable mobility

Aligned with India's green vision: Propelling India's journey towards a cleaner and greener future, in line with the net zero commitment by year 2070

Shares of Gensol Engineering Ltd was last trading in BSE at Rs. 803.60 as compared to the previous close of Rs. 817.80. The total number of shares traded during the day was 8453 in over 322 trades.

The stock hit an intraday high of Rs. 834.00 and intraday low of 794.00. The net turnover during the day was Rs. 6851725.00.

Source : Equity Bulls

Keywords

GensolEngineering INE06H201014 MoU GovernmentofGujarat EVManufacturing