PFC sanctions Rs. 633 crores for a greener Delhi; BluSmart Mobility deploy 5000 EVs and 1000 EV cargo vehicles
New Delhi: Power Finance Corporation Ltd (PFC), a Maharatna PSU and leading NBFC in Indian power sector, has sanctioned a loan of ₹633 crores to Gensol Engineering Ltd (GEL) for the purchase of 5,000 passenger Electric Vehicles (EVs) and 1000 cargo EVs. The passenger EVs will be leased to Blusmart Mobility Pvt. Ltd (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 hit the roads of Delhi Friday.
The cabs were flagged off on Thursday by Mr. Ajay Tewari, Additional Secretary, Ministry of Power and Mr. Ravinder Singh Dhillon, CMD, PFC, in the presence of Rajiv Ranjan Jha, Director (Projects), Manoj Sharma, Director (Commercial), Smt. Simmi R. Nakra, CVO and Anmol Singh Jaggi (CEO and co-founder, Blusmart Mobility) and other Senior Officers according to PSU press release.
Addressing on the occasion of flagging off the first lot of EVs, Mr. Ravinder Singh Dhillon 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 endeavored 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 5,000 e4Ws funded by PFC would result in emission savings of over 1,00,000 tons of CO2 equivalent. This is equivalent to the amount of CO2 absorbed by over 5 million fully-grown trees in a year. With a vision of accelerating India’s net-zero goal, PFC, apart from funding renewables in a big way, has been exploring opportunities CMD R.S. Dhillon, and Mr. Ajay Tewari, Adl. Secy, funding of EVs (OEMs and fleet acquisition), Battery OEMs and in debt funding Ministry of Power flag off EVs leased to Blusmart Mobility of EVs (OEMs and fleet acquisition), Battery OEMs and infrastructure.
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