PFC approves loan worth Rs 633 crore for deployment of 5000 EV cabs in Delhi – EQ Mag
To help make the Delhi-National Capital Region cleaner and greener, power sector lender PFC has sanctioned a loan worth Rs 633 crore to Gensol Engineering Ltd. The passenger EVs are being leased to BMPL to expand its fleet of ride-hailing cabs.
Blusmart Mobility Pvt Ltd (BMPL) on April 20 flagged off its first lot of electric ride-hailing cabs that were added to its fleet with the help of a loan worth Rs 633 crore sanctioned by Power Finance Corporation Ltd.
To help make the Delhi-National Capital Region (NCR) cleaner and greener, power sector lender PFC has sanctioned a loan worth Rs 633 crore to Gensol Engineering Ltd (GEL) for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs. The first tranche of the loan has been disbursed and the first lot of EV cabs has hit the roads of Delhi.
The passenger EVs are being leased to BMPL to expand its fleet of ride-hailing cabs. Launched in 2019, BluSmart has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi-NCR and Bengaluru.
Touted to be the largest EV asset financing deal in India, the 5000 e4Ws funded by PFC would result in emission savings of over 1,00,000 tonnes of CO2 equivalent, the companies said in a release. This is equivalent to the amount of carbon dioxide absorbed by over five million fully-grown trees in a year.
Ravinder Singh Dhillon, CMD, PFC, said, “E-mobility adoption is going on at a fast pace in the country and we believe that there is a huge potential in this field. Through this funding, PFC has endeavoured to contribute towards India’s Nationally Determined Contributions (NDC) goals and this will go a long way for moving towards a healthy and sustainable mode of transport.”
“The financing through PFC will help us deploy more EVs on the streets of our cities and help us continue to build on our vision to create a unique customer experience through electric mobility in India,” said Anmol Singh Jaggi, CEO and Co-founder of BluSmart.
Source: PTI
