Shares of Gensol Engineering Ltd rallied 5% on 9 January after the company announced signing a MoU with the Gujarat Government for Electric Vehicle Manufacturing.

In its regulatory filing, the company said that they have signed an MoU (memorandum of understanding) with the State Government of Gujarat for a total investment plan of Rs 2,000 crore for electric vehicle manufacturing that will generate more than 1,500 jobs in the region.

Anmol Singh Jaggi, Co-founder of 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 revolutionising the ever-growing EV landscape.”

Singh added that the Rs 2,000 crore investment stands as a testament to the company’s confidence in the state’s commitment towards sustainable growth and green manufacturing. They are looking forward to a mutually beneficial partnership that will propel the state to new heights in the electric vehicle revolution.

The proposed electric vehicle manufacturing plant will be a powerhouse of innovation, churning out a diverse range of cutting-edge electronic vehicles across segments, including commercial and personal vehicle space. This also marks India’s commitment towards sustainable development, taking the country towards a cleaner and greener future.

At 2:25 pm, the shares of Gensol Engineering were trading 3.26% higher at Rs 835 on NSE.