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Pavna Industries inks agreement with OLA Electric to Supply Ignition Switches and Latches for EVs

Posted On : 2024-04-22 14:48:20( TIMEZONE : IST )

Pavna Industries inks agreement with OLA Electric to Supply Ignition Switches and Latches for EVs

Pavna Industries Limited (NSE: PAVNAIND. BSE: 543915), one of India's leading automotive parts manufacturers announced that it has inked an agreement with OLA Electric to supply ignition switches and latches. This contract further consolidates the company's foray into the two-wheeler electric vehicle segment.

Under this agreement, Pavna Industries commits to providing high-quality ignition switches and latches to OLA Electric across its manufacturing plants in India. Ola Electric Mobility, headquartered in Bengaluru, is India's largest electric two-wheeler manufacturer, renowned for its commitment to sustainability and innovation. It has been playing an instrumental role in driving EV adoption and penetration in India.

Commenting on the partnership, Mr. Swapnil Jain, Managing Director of Pavna Industries Ltd.,said, "Pavna and OLA Electric joining forces will not only drive affordability but also enhance the quality standards for enthusiasts of two-wheeler EVs. OLA's comprehensive product range caters to diverse needs of electric vehicle owners and represents a significant leap towards accelerating EV adoption in India. Combined with our indigenous and innovative manufacturing technology, we are confident that we can drive India's journey towards green mobility."

In line with the government's efforts to promote sustainable mobility, India has introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024). Offering substantial support and financial incentives to facilitate the adoption of electric vehicles, with an initial focus on approximately 3.33 lakh two-wheelers.

Building on the momentum of India's push towards net zero emissions, Pavna Industries will be expanding its product range to include more offerings in the electric vehicle (EV) segment and launch products such as motors and motor controllers recognizing the immense potential and market demand in this sector.

This agreement highlights Pavna's dedication to meeting the demands of the modern automotive industry while further solidifying its position as a leading Indian automotive parts manufacturer.

Shares of Pavna Industries Limited was last trading in BSE at Rs. 534.70 as compared to the previous close of Rs. 532.75. The total number of shares traded during the day was 17027 in over 30 trades.

The stock hit an intraday high of Rs. 557.40 and intraday low of 529.00. The net turnover during the day was Rs. 9069101.00.

Source : Equity Bulls


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