GreenCell Mobility Bags INR 3,000 Crore in Debt Funding from REC to Revolutionize Sustainable Mobility in India
The allocated INR 3,000 crore will be to fund the acquisition of 3,000 e-buses and support alternative fuel technology bus projects, battery energy storage initiatives, and establishing a strong charging infrastructure network.
July 25, 2023. By EI News Network
The officials stated, “GreenCell Mobility has received unequivocal support from REC, which has agreed to extend crucial financial assistance in the form of debt funding to support the company’s ambitious projects.”
The allocated INR 3,000 crore will be to fund the acquisition of 3,000 e-buses and support alternative fuel technology bus projects, battery energy storage initiatives, and establishing a strong charging infrastructure network.
Under the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to offer financial support from REC for their pertinent activities during the subsequent five years, till March 2028.
Devndra Chawla, MD and CEO, GreenCell Mobility, added, “We are extremely delighted to join forces with REC Limited. With REC Limited’s financial backing, our vision of revolutionizing urban mobility, minimizing carbon emissions, and improving the well-being of our communities comes one step closer to reality.”
The MOU will remain effective not only for the continuing projects indulging electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility.
please contact: contact@energetica-india.net.
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