April 15, 2021

GreenCell says investing Rs 400 crore in PMI Electro consortium to deploy 350 e-buses in UP



New Delhi: EverSource Capital-promoted GreenCell Mobility Pvt Ltd on Thursday stated it’s investing Rs 400 crore in a consortium of PMI Electro, together with acquisition of 49 per cent stake, for deploying 350 electrical buses throughout Uttar Pradesh. GreenCell Mobility, an electrical mobility-as-a-service (eMaaS) platform, stated it has acquired stakes in two particular goal automobile (SPVs) corporations included by PMI Electro Mobility Options Pvt Ltd, the corporate stated in a press release.

A producer of ‘zero emission’ industrial automobile in India, PMI Electro Mobility Options had gained the bid for deploying 350 electrical buses together with charging infrastructure throughout the cities of Lucknow, Varanasi, Gorakhpur, Kanpur, Prayagraj and Jhansi in two packages in Uttar Pradesh.

GreenCell Mobility Managing Director & CEO Ashok Agarwal stated, “We’re glad to spend money on Uttar Pradesh to advertise inexperienced and sustainable public transport. We’re trying ahead to a lot deeper dedication and long-term relationship with the state and PMI as our associate.”

PMI Electro Mobility Managing Director Satish Jain stated, “This partnership shall generate 1,000 direct jobs within the state… The funding by the businesses is a step in the direction of sustainable investing.”

He added that he’s elated to associate with GreenCell Mobility to supply metropolis bus service in six cities of Uttar Pradesh. “Our partnerships contact lives of 1 lakh riders every day by offering non-polluting, clear, and environment friendly, well timed, snug and disabled pleasant bus providers.”

GreenCell Mobility stated its goal is to create inexperienced routes with 9 metre buses within the state the place Lucknow and Kanpur will get 100 buses every, Varanasi and Prayagraj will get 50 buses every and Gorakhpur and Jhansi every will get 25 buses.

“These buses will journey for a minimal 63,000 km per yr, result in zero tailpipe emissions of CO2 equal to about 22,000 tonnes yearly and can create over 1,000 jobs within the state,” it added.

Not too long ago, GreenCell bagged a contract from the Rajasthan State Street Transport Company (RSRTC) for operation of 48 air-conditioned electrical bus coaches, its first underneath the federal government’s FAME-II incentive scheme, the corporate stated.