GreenCell says investing ₹400 cr in PMI Electro consortium to deploy 350 e-bus

EverSource Capital-promoted GreenCell Mobility Pvt Ltd on Thursday said it is investing ₹400 crore in a consortium of PMI Electro, including the acquisition of 49 per cent stake, for deploying 350 electric buses across Uttar Pradesh.

GreenCell Mobility, an electric mobility-as-a-service (eMaaS) platform, said it has acquired stakes in two special purpose vehicle (SPVs) companies incorporated by PMI Electro Mobility Solutions Pvt Ltd, the company said in a statement.

A manufacturer of 'zero emission' commercial vehicles in India, PMI Electro Mobility Solutions had won the bid for deploying 350 electric buses along with charging infrastructure across the cities of Lucknow, Varanasi, Gorakhpur, Kanpur, Prayagraj, and Jhansi in two packages in Uttar Pradesh.

GreenCell Mobility Managing Director & CEO Ashok Agarwal said, "We are happy to invest in Uttar Pradesh to promote green and sustainable public transport. We are looking forward to much deeper commitment and long-term relationship with the state and PMI as our partner."

PMI Electro Mobility Managing Director Satish Jain said, "This partnership shall generate 1,000 direct jobs in the state... The investment by the companies is a step towards sustainable investing."

He added that he is elated to partner with GreenCell Mobility to provide city bus service in six cities of Uttar Pradesh. "Our partnerships touch lives of 1 lakh riders daily by providing non-polluting, clean, and efficient, timely, comfortable, and disabled-friendly bus services."

GreenCell Mobility said its aim is to create green routes with 9 metre buses in the state where Lucknow and Kanpur will get 100 buses each, Varanasi and Prayagraj will get 50 buses each and Gorakhpur and Jhansi each will get 25 buses.

"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," it added.

Recently, GreenCell bagged a contract from the Rajasthan State Road Transport Corporation (RSRTC) for the operation of 48 air-conditioned electric bus coaches, its first under the government's FAME-II incentive scheme, the company said.