Gensol Engineering plans to invest Rs 2,000 crore in establishing an EV manufacturing plant in Gujarat. The company signed a memorandum of understanding with the Gujarat government, marking a significant step in investment promotion for the Vibrant Gujarat Global Summit 2024.
The project, set to create approximately 1,500 jobs, will serve as an innovation hub for both commercial and personal vehicle sectors. Gensol Engineering’s commitment aligns with the summit’s focus on fostering economic growth and development.
Gensol’s Investment in EV Plant to Create 1,500 Jobs
Gensol stated in a regulatory filing that the project will generate approximately 1,500 jobs in the region. Chief Minister Bhupendra Patel witnessed the signing of the MoU.
Anmol Singh Jaggi, Co-founder of Gensol Group, expressed confidence in the state’s commitment to sustainable growth and green manufacturing. “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 Jaggi.
The company envisions the proposed EV manufacturing plant as an innovation powerhouse that will produce a diverse range of cutting-edge electric vehicles across segments. This includes catering to both the commercial and personal vehicle space.
Gensol Calls EGM for Shareholder Approval on Fundraising Plans
On Thursday, January 25, 2024, Gensol Engineering will host an Extraordinary General Meeting (EGM) to seek shareholder approval for its fundraising plans. The company’s board approved raising up to Rs 300 crore through qualified institutional placement (QIP), public issue, preferential allotment, and private placement.
The company, known for providing engineering, procurement, and construction (EPC) services for solar power plant development, has successfully installed solar power plants and established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India.