GreenCell Mobility secures Rs 3,000 crore debt funding from REC

Electric mobility player GreenCell Mobility on Monday said it has secured Rs 3,000 crore debt funding from REC Ltd for sustainable transportation services.

The company has signed a memorandum of understanding (MoU) with REC as part of which the latter agreed to extend financial assistance in the form of debt funding to support the company's ambitious projects, GreenCell Mobility said in a statement.

"The allocated Rs 3,000 crore will be dedicated to fund the acquisition of 3,000 e-buses and supporting alternative fuel technology bus projects, battery energy storage initiatives, and establishing a robust charging infrastructure network," it added.

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 avail financial assistance from REC for their related activities in the next five years, up to March 2028, the company said.

"With REC's financial backing, our vision of revolutionising urban mobility, minimising carbon emissions, and improving the well-being of our communities comes one step closer to reality," GreenCell Mobility MD & CEO Devndra Chawla said.

GreenCell Mobility said the MoU will remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks, but also for any future projects undertaken by it.