PG Electroplast Share Price Rise 10.12%; Subsidiary Enters EV and Battery Manufacturing Space

PG Electroplast Ltd (PGEL) informed the stock exchanges that the company has entered into a Definitive Agreement with Spiro Mobility through its wholly-owned subsidiary, PG Technoplast Pvt. Ltd. Under the partnership, PG Technoplast will act as the exclusive manufacturing partner for Spiro Mobility’s electric vehicles (EVs) in India.

The agreement outlines PG Technoplast’s key responsibilities, including establishing and managing EV manufacturing facilities, producing lithium-ion batteries and related components, and procuring raw materials and parts specified by Spiro. Meanwhile, Spiro Mobility will focus on research and development, as well as the marketing, sales, and distribution of the EVs manufactured by PG Technoplast.

This collaboration signifies a strategic step towards advancing India’s EV ecosystem, combining PGEL’s manufacturing expertise with Spiro’s innovation and market strategies to meet the growing demand for sustainable mobility solutions.

Commenting on this partnership, the Managing Director (Finance) of PG Electroplast Limited (PGEL), Mr Vishal Gupta, said, “The company’s entry into EV and Lithium-Ion batteries manufacturing opens up a new horizon of growth for the company and with Partner like Spiro, the company is confident that this association will go a long way and become a sizeable player in the EV market in India.”

Mr Kaushik Burman, CEO of Spiro Mobility, stated, “Spiro is Africa’s largest EV player and we are excited to partner with PG Technoplast Pvt. Ltd. for manufacturing the EVs and Lithium-Ion Batteries. The great execution track record, coupled with management’s professionalism and execution focus, inspires confidence that the association of PG and Spiro will bring mutual success to each other and expand the EV space in emerging markets further”.

On November 19, 2024, PG Electroplast share price opened at ₹652.00, up from its previous close of ₹624.30. At 9:45 AM, the share price of PG Electroplast was trading at ₹687.50, up by 10.12%.

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