Wednesday, July 24th, 2024

Goyal Aluminiums receive allotment of land to set up new EV manufacturing plan in Noida

New Delhi (India), March 30: Goyal Aluminiums has informed exchanges that it has received an allotment of land to set up a new manufacturing plant of electric vehicle from the Greater Noida Industrial Development Authority (GNIDA).

The company said that the allotment of land will give a push to its aggressive expansion plans and keep growth rates strong.

“The Authority is pleased to allot the plot No. 283 measuring 4000 its sector Industrial area on lease for a period of 90 years,” the company said in a regulatory filing.

The land has been allotted to the company at Rs 14,917.50 per Sqm. The provisional premium of the plot is Rs 59,670,000. The company has deposited Rs 58,50,000 as registration money. The balance 90 per cent amount without interest will be payable in 90 days, the company said.

Goyal Aluminiums earlier this month announced to foray into the electric vehicle segment through a newly incorporated venture, namely Wroley E India. The company will manufacture low-speed and electric scooters exclusively for the domestic market.

The company has already received clearance from the Central Institute of Road Transport (CIRT) to launch the first high-speed electric scooter in April of this year.

Wroley E India has also secured sanction for financing from Shri Ram Finance to offer customers financing solutions to purchase its electric scooter in monthly installments. In accordance with corporate expectations, the company has also engaged 25 dealers in north India and anticipates hiring 150 dealers nationwide before March 2024.

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