GreenCell to Invest 400 Cr for Deployment of 350 E-buses in UP

GreenCell Mobility, backed by EverSource Capital, has announced on Thursday, that it is going to invest Rs. 400 crores in a consortium of PMI Electro Mobility Solutions, including the acquisition of 49 percent stake, for deploying 350 electric buses (e-buses) across Uttar Pradesh.

Electric mobility solutions provider, GreenCell claims that it has acquired stakes in two special purpose vehicle (SPVs) companies consolidated by PMI Electro Mobility Solutions Pvt Ltd, the company.

Recently, PMI Electro Mobility Solutions a producer of zero-emission commercial vehicles in India had won the bid for deploying 350 e-buses. Additionally, it will be installing charging infrastructure across the cities of Lucknow, Varanasi, Gorakhpur, Kanpur, Prayagraj, and Jhansi in two packages in Uttar Pradesh.

Speaking on their big investment, GreenCell Mobility Managing Director & CEO Ashok Agarwal stated, “We are happy to invest in Uttar Pradesh to promote green and sustainable public transport. We are looking forward to much deeper commitment and long-term relationship with the state and PMI as our partner.”

“This partnership shall generate 1,000 direct jobs in the state. The investment by the companies is a step towards sustainable investing,” said Satish Jain, Managing Director at PMI Electro Mobility.

He further explained their excitement to partner with GreenCell Mobility to provide city bus service in six cities of Uttar Pradesh. “Our partnerships touch lives of 1 lakh riders daily by providing non-polluting, clean, and efficient, timely, comfortable and disabled friendly bus services.”

GreenCell Mobility aims to create green routes with nine-meter buses in the state where Lucknow and Kanpur will get 100 buses each, Varanasi and Prayagraj will get 50 buses each, and Gorakhpur and Jhansi each will get 25 buses.

The company added, “These buses will travel for a minimum 63,000 km per year, lead to zero tailpipe emissions of CO2 equivalent to about 22,000 tonnes every year and will create over 1,000 jobs in the state.”

Earlier in September 2020, GreenCell Mobility Private Limited bagged the first e-bus contract from Rajasthan State Road Transport Corporation (RSRTC). This contract was awarded under the Government of India’s Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme for procurement of inter-city electric buses.