Power Finance Corporation Limited (PFC) has sanctioned a loan of Rs 6.33 billion to Gensol Engineering Limited (GEL) for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs.
The passenger EVs will be leased to Blusmart Mobility Private Limited (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. The 5,000 passenger electric four-wheelers funded by PFC are being deployed in Delhi and would result in emission savings of over 100,000 tonnes of CO2 equivalent.