Pavna Industries Enters EV Market, Supplies to Ola Electric
By Rediff Money Desk, NEWDELHI Apr 22, 2024 17:04
Pavna Industries has entered the Indian EV market, signing an agreement with Ola Electric to supply auto components like ignition switches and latches.
![Pavna Industries Enters EV Market, Supplies to Ola Electric](https://im.rediff.com/money/2023/dec/26dec-ola.jpg)
Photograph: Courtesy Ola Electric
New Delhi, Apr 22 (PTI) Steel and automotive player Pavna Industries on Monday said it has signed an agreement with EV player OLA Electric to supply auto components, marking an entry into the domestic EV sector.
As part of the pact, it will provide auto components like ignition switches and latches to OLA Electric across its manufacturing plants in India from its manufacturing unit at Aligarh in Uttar Pradesh, Pavna Industries said in a statement.
"With this partnership, we are foraying into the two-wheeler electric vehicle segment," Pavna Industries Managing Director Swapnil Jain said.
Shares of the UP-based Pavna Group closed at Rs 561.40 apiece, up 4.99 per cent from its previous close on the BSE.
As part of the pact, it will provide auto components like ignition switches and latches to OLA Electric across its manufacturing plants in India from its manufacturing unit at Aligarh in Uttar Pradesh, Pavna Industries said in a statement.
"With this partnership, we are foraying into the two-wheeler electric vehicle segment," Pavna Industries Managing Director Swapnil Jain said.
Shares of the UP-based Pavna Group closed at Rs 561.40 apiece, up 4.99 per cent from its previous close on the BSE.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...