Pavna Industries Signs Agreement with OLA Electric

Pavna Industries Ltd. saw a surge in its stock price, with shares rising by 4.99 percent, following the announcement of a new agreement with OLA Electric to supply ignition switches and latches for electric vehicles (EVs). This partnership marks Pavna Industries' entry into the two-wheeler EV segment.

Under the terms of the agreement, Pavna Industries will deliver high-quality ignition switches and latches to OLA Electric's manufacturing facilities across India. OLA Electric, recognized for its commitment to sustainability and innovation, is a key player in promoting electric vehicle adoption in the country.

Swapnil Jain, Managing Director of Pavna Industries Ltd., expressed enthusiasm about the collaboration, stating, “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.”

The partnership comes at a crucial time, with India actively promoting electric vehicle adoption through the Electric Mobility Promotion Scheme 2024 (EMPS 2024), which aims to encourage the use of electric vehicles, especially two-wheelers. Pavna Industries intends to leverage this opportunity to further its growth and contribute to India's green mobility transition.

HBL