Jindal Mobilitric (JM), a wholly owned subsidiary of Jindal Worldwide, announced the setting up of an electric two-wheeler manufacturing plant with a production capacity of 2.5 lakh vehicles annually in Ahmedabad.

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Additionally, the company is setting up an in-house fully automated battery manufacturing plant with a similar production capacity. To ensure the highest level of battery safety, which will bring consumer trust in EV Products resulting in faster adoption of EVs in India.

The company of Ahmedabad-based Jindal Group has a product profile consisting of yarn-dyed shirting, denim fabric and bottom width, and export-centric home furnishing items.

On a consolidated basis, the company’s net profit hit a high 42.10% to Rs 25.01 crore on a 52.41% increase in net sales to Rs 630.51 crore in July-September of FY22 over July-September of FY21.

On the Bombay Stock Exchange (BSE), the scrip shed 0.04% to Rs 460.25.