Gensol Engineering Signs MoU With Government Of Gujarat To Invest ₹2,000 Cr For EV Manufacturing

Gensol Engineering Limited (GEL) on Tuesday announced that it has partnered with the Government of Gujarat to invest Rs 2,000 Crore in an Electric Vehicle (EV) manufacturing project, the company announced through an exchange filing.

The Memorandum of Understanding (MoU) was signed during the Vibrant Gujarat Global Summit 2024 in the presence of Chief Minister Bhupendra Patel. This initiative aims to create around 1,500 jobs in the region and contribute to India's sustainable future.

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 Rs 2,000 Crore investment stands as a testament to our confidence in the state's commitment to sustainable growth and green manufacturing."

Gensol Engineering Limited shares

The shares of Gensol Engineering Limited on Tuesday at 10:11 am IST were at Rs 835, up by 3.26 per cent.

About Gensol Engineering Limited

Founded in 2012, Gensol Engineering Limited is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. Gensol has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three wheelers and four wheelers.