GreenCell Mobility, an electric mobility-as-a-service (eMaaS) platform, has announced that it is investing ₹4 billion (~$55.09 million) in a consortium run by PMI Electro Mobility Solutions to deploy 350 electric buses across Uttar Pradesh.
The investment will also cover the acquisition of a 49% stake in the consortium.
Quoting from a company statement, PTI said that GreenCell had acquired stakes in two special purpose vehicle companies incorporated by PMI Electro Mobility Solutions Pvt Ltd.
PMI Electro had won the bid to deploy 350 electric buses and necessary charging infrastructure across Lucknow, Varanasi, Gorakhpur, Kanpur, Prayagraj, and Jhansi in two packages.
The company would create green routes with nine-meter buses in the state. Lucknow and Kanpur will get 100 buses each, Varanasi and Prayagraj will get 50 buses each, and Gorakhpur and Jhansi will get 25 buses each.
Ashok Agarwal, GreenCell Mobility Managing Director and CEO, said that the company looked forward to a much deeper commitment and long-term relationship with the Uttar Pradesh state and PMI as its partner.
Satish Jain, Managing Director, PMI Electro Mobility, said that the partnership would generate 1,000 direct jobs in the state. The partnership with GreenCell would positively impact 100,000 commuters daily by providing non-polluting, clean, and efficient, timely, comfortable, and disabled-friendly bus services.
“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,” he said.
Recently, GreenCell had bagged a contract from the Rajasthan State Road Transport Corporation to operate 48 air-conditioned electric bus coaches under the government’s FAME-II incentive program.
Meanwhile, Panasonic Life Solutions India, a wholly-owned subsidiary of Panasonic Corporation, has joined hands with PMI Electro Mobility Solutions to set up electric vehicle (EV) charging infrastructure across 17 cities in India for 1,000 electric buses.
Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.