Shares of PG Electroplast today rallied 15% to their new 52-week high of Rs 718.35 on the BSE after the company’s wholly-owned subsidiary PG Technoplast has signed an agreement with Spiro Mobility for an exclusive partnership for manufacturing Spiro’s EV in India.

“PG Electroplast Ltd. (PGEL), one of the pioneers and leaders in Electronic Manufacturing Services and Plastic Molding, through its wholly owned subsidiary, PG Technoplast Pvt. Ltd., has signed a Definitive Agreement with Spiro Mobility to become an Exclusive Manufacturing partner for manufacturing of the EVs of Spiro Mobility (Spiro) in India,” said the company in a filing to the exchanges.

The company informed that its primary responsibility includes setting up and managing the manufacturing facilities for Electric vehicles, Lithium-Ion batteries and related components and for procurement of parts and raw materials for the same as specified by Spiro.

Spiro, meanwhile, will be responsible for the research and development, marketing, sale, and distribution of the EV products manufactured by PG Technoplast.

“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,” said Vishal Gupta, Managing Director (Finance) of PG Electroplast.

Also read: Zee Entertainment shares surge over 6% as MD Punit Goenka resigns

“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,” added Kaushik Burman, CEO of Spiro Mobility.

PG Electroplast is a solution provider for Electronic Manufacturing Services (EMS) and contract manufacturing to the most leading consumer durable and electronics brands in India. The company has one of the biggest capacities in plastic injection molding and has capabilities across the value chain in Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM).