Essel Infraprojects to invest Rs 4,250 cr in EV venture

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Essel Infraprojects to invest Rs 4,250 cr in EV venture

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New Delhi: Essel Group firm Essel Infraprojects Limited (EIL) today announced its foray into electric vehicles (EV) segment with a planned investment of Rs 4,250 crore.

EIL has inked Memorandum of Understanding to this effect at the UP Investors Summit in Lucknow, the company said in a statement.

“EIL has committed an investment of Rs 3,000 crore for bringing out 1,000 E-buses from intrastate UP to the NCR region. In addition, Rs 500 crore will be used for development of e-rickshaw with battery charging and swapping stations,” it added.

The company further said will also be investing Rs 750 crore for development of bus terminus in the Uttar Pradesh, where it expects to generate more than 50,000 employment opportunities from its EV venture.

Under the MoUs signed with the state government, Essel Infraprojects will cover sectors like energy, roads and tourism, the statement added.

Besides, Essel has also pledged to invest in projects of waste management, water supply and smart cities in the state.