Pavna Industries: Following the announcement of an agreement between the firm and OLA Electric to supply ignition switches and latches for electric vehicles (EVs), shares of Pavna Industries Ltd. increased by 4.99%. The company is joining the two-wheeler EV market with this partnership.
Pavna Industries to Supply Ignition Switches and Latches
In accordance with the agreement, Pavna Industries will provide OLA Electric’s manufacturing sites throughout India with premium ignition switches and latches. According to the corporation, OLA Electric Mobility, a recognized leader in sustainability and innovation, is contributing to the nation’s EV adoption.
Headquarters and Product Portfolio Overview
With its headquarters located in Aligarh, Uttar Pradesh, Pavna Industries provides complex engine parts and necessary components along with solutions designed specifically for the agricultural industry, like handles and latches. Ignition switches, gasoline tank caps, latches, auto locks, switches, fuel cocks, oil pump, throttle body, casting components, and more are among its product offerings. The company is present in both the domestic and international markets; it exports to Bangladesh, USA, Italy, Sri Lanka, Indonesia, and Sudan.
Pavna Industries MD’s Vision
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.”
Pavna Industries and OLA Electric
The partnership takes place in the context of India’s Electric Mobility Promotion Scheme 2024 (EMPS 2024), which aims to encourage the use of electric vehicles overall and two-wheelers in particular. The goal of Pavna Industries is to profit from this.
The 2024 quarter’s net profit increased 43% to ₹2.2 crore. Since the start of the year, Pavna Industries’ shares have increased by more than 38%. In the past year, the stock has increased by almost 76%.