Shares of Wardwizard Innovations hit a 52-week high of Rs 55 on 1 December after the company announced that it had signed an initial pact with Triton EV.
The company said that it has signed a memorandum of understanding (MoU) with the US-based Triton EV to produce EVs (electric vehicles) for both domestic and the UAE markets. Under this five-year proposed strategic alliance, Triton EV has selected the company as its manufacturing partner for battery-operated trucks for India and the UAE.
Under the alliance, the company will expand its manufacturing capabilities to produce two and three-wheelers for Triton EVs. As a part of the MoU, Triton EV will transfer the technology for hydrogen battery packs that are used in two and three-wheelers, along with vital technology assistance for setting up production lines and expansion in India.
The company will support Triton EV in manufacturing two and three-wheelers and electric trucks in its Vadodara facility.
Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations, said that they are confident that this collaboration will give a significant boost to the ‘Made in India’ initiative and create a way for advanced products.
In its regulatory filing, the company said that as a part of the alliance, both companies will also share their respective vendors and suppliers to ensure a seamless and efficient business operation.
The MoU marks a significant milestone in its expansion plans to enter a new market. This association will not only help it strengthen its presence across India and the UAE market but will also support the EV industry’s growth.
At 3:30 pm, the shares of Wardwizard Innovations closed 6.36% higher at Rs 53.33 on NSE.