GreenCell Mobility to Invest Rs 400 Crore in PMI Electro Consortium, Deploy 350 Electric Buses in UP

Ever Source Capital promoted GreenCell Mobility Private Limited (GreenCell Mobility/GreenCell), an eMaaS platform (electric mobility as service)in India, announced its partnership through the acquisition of a strategic stake in 2 Special Purpose Vehicle companies incorporated by PMI Electro Mobility Solutions Private Limited, which won the bid for deploying 350 electric buses along with the charging infrastructure across the cities of Lucknow, Varanasi, Gorakhpur, Kanpur, Prayagraj and Jhansi in 2 Packages in the state of Uttar Pradesh.

This contract, awarded by Directorate of Urban Transport, Government of Uttar Pradesh, comes under the Government of India’s Faster Adoption and Manufacturing of Electric Vehicles (FAME-II)program with the nodal agency as DHI and is among the first to be implemented in Uttar Pradesh. This will lead the way for electric bus adoption in the state and lay the foundation of sustainable public transport.

The company aims to create green routes with state of the art 9mtr buses in the state where Lucknow and Kanpur will get 100 buses each, Varanasi and Prayagraj will get 50buses each and Gorakhpur and Jhansi each will get 25 buses. These buses will travel for minimum 63,000kms per year, lead to zero tailpipe emissions of CO2 equivalent to approximately 22,000 tons every year and will create over 1000 jobs in the state.

On the announcement, Ashok Agarwal, MD & CEO, GreenCell Mobility commented“ We are extremely happy to invest in the state of Uttar Pradesh to promote Green & Sustainable Public Transport. We are looking forward to a much deeper commitment and long term relationship with the state and PMI as our partner.“

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SatishJain, Managing Director, PMI Electro Mobility said" We are elated to partner with GreenCell Mobility to provide city bus service in 6cities of Uttar Pradesh. Our partnerships all touch lives of 1,00,000 riders daily by providing non-polluting, clean, and efficient, timely, comfortable and disabled-friendly bus services. This partnership shall generate1000 direct jobs in the state. The project shall not only ensure good financial returns but also substantial ESG returns. The investment by the companies is a step towards sustainable investing. We thank the government of Uttar Pradesh to provide us with the opportunity and GreenCell Mobility for trusting our vision. Mr Jain also added, that as apart of his vision for PMI, he is extremely happy to be a major player in the electric mobility segment in India"

Recently, GreenCell had announced the award of a contract from the Rajasthan State Road Transport Corporation (RSRTC) for the operation of 48 air-conditioned electric bus coaches. This was the first contract bagged by GreenCell Mobility under FAME-II incentive scheme of Government of India and the electric bus contract was also the first one by RSRTC.

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