Gensol Engineering signs MoU with Gujarat govt, to invest Rs 2,000 crore for EV plant

Gensol Engineering has entered into a partnership with the Government of Gujarat to help the country's path towards a sustainable future. A memorandum of understanding (MoU) to this effect was signed with the Gujarat government as part of the investment promotion activity for Vibrant Gujarat Global Summit 2024. As part of the MoU, the company will invest Rs 2,000 crore to set up an EV manufacturing plant in Gujarat. 

The project will generate around 1,500 jobs in the region, Gensol said in a regulatory filing.

The MoU was signed in the presence of Chief Minister Bhupendra Patel.

"The Rs 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," said Anmol Singh Jaggi, Co-founder, Gensol Group.

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 company said.

The 10th edition of Vibrant Gujarat Global Summit is scheduled from January 10-12, 2024.