Pavna Industries was locked in 5% upper circuit at Rs 561.40 after the company announced that it has inked an agreement with OLA Electric to supply ignition switches and latches.

Ola Electric Mobility, headquartered in Bengaluru, is India’s largest electric two-wheeler manufacturer, renowned for its commitment to sustainability and innovation. It has been playing an instrumental role in driving EV adoption and penetration in India.

Under this agreement, the company will provide high-quality ignition switches and latches to OLA Electric across its manufacturing plants in India.

“This contract further consolidates the companys foray into the two-wheeler electric vehicle segment, the automotive parts manufacturer said in a statement.

Pavna Industries further stated that it would be expanding its product range to include more offerings in the electric vehicle (EV) segment and launch products such as motors and motor controllers recognizing the immense potential and market demand in this sector.

Swapnil Jain, managing director of Pavna Industries, 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.

Uttar Pradesh-based Pavna Industries is a manufacturer of automotive components. The company has a comprehensive portfolio that spans beyond the automotive industry, encompassing essential components and intricate engine parts, as well as solutions tailored for the agricultural sector such as latches and handles.