Pavna Industries signs agreement with OLA Electric, shares rise

Pavna Industries Ltd’s shares were up by 4.99 per cent after the company announced an agreement with OLA Electric to supply ignition switches and latches for electric vehicles (EVs). This collaboration is the company’s entry into the two-wheeler EV segment.

As per the agreement, Pavna Industries will supply high-quality ignition switches and latches to OLA Electric’s manufacturing facilities across India. The company said, OLA Electric Mobility, known for sustainability and innovation, is a player in driving EV adoption in the country.

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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.” 

The collaboration comes amidst India’s Electric Mobility Promotion Scheme 2024 (EMPS 2024), aimed at incentivizing the adoption of electric vehicles, particularly two-wheelers. Pavna Industries aims to capitalise on this.

The shares were up by 4.99 per cent to ₹561.40 at 12.16 pm on the BSE.