PFC sanctions ₹633 crore to Gensol Group for purchase of 6000 Passenger & Cargo EVs

New Delhi, India (Urban Transport News): State-run Power Finance Corporation (PFC) informed that it has sanctioned a loan of Rs 633 crore to Gensol Engineering Limited (GEL) for the purchase of 5,000 passenger electric vehicles and 1,000 cargo electric vehicles.

"The passenger EVs will be leased to Blusmart Mobility (BMPL) to expand its fleet of ride-hailing cabs. The first tranche of the loan has been disbursed, and the first lot of EV cabs has hit the roads of Delhi," said PFC statement.

“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,” said Ravinder Singh Dhillon, Chairman & Managing Director, PFC.

"The 5,000 e4Ws funded by the power sector non-banking financial company (NBFC) would result in emission savings of over 1,00,000 tonnes of CO₂ equivalent, which equals the amount of CO₂ absorbed by more than 5 million fully-grown trees in a year," he added.

“India is set to play a pivotal role in driving global disruption in the electric mobility sector. At BluSmart, we are committed to bring this transformational shift in the sector and responsibly scale our footprint across India," commented Anmol Singh Jaggi, Co-Founder & CEO of BluSmart Mobility.

"With this, the electric mobility solutions provider is also increasing its market share of the EV mobility segment. The financing through PFC will help the company deploy more EVs on the streets," he added.