Pavna Industries Signs Agreement With OLA Electric To Provide Auto Components

Steel and automotive player Pavna Industries on Monday said it has signed an agreement with EV player OLA Electric to supply auto components, marking an entry into the domestic EV sector.

As part of the pact, it will provide auto components like ignition switches and latches to OLA Electric across its manufacturing plants in India from its manufacturing unit at Aligarh in Uttar Pradesh, Pavna Industries said in a statement.

"With this partnership, we are foraying into the two-wheeler electric vehicle segment," Pavna Industries Managing Director Swapnil Jain said.

Shares of the UP-based Pavna Group closed at Rs 561.40 apiece, up 4.99 per cent from its previous close on the BSE.