PFC approves 633 crores loan for 5000 passenger EVs and 1000 cargo EVs

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Power Finance Corporation Ltd (PFC), a Maharatna company and the leading NBFC in Indian power sector, has sanctioned a loan of ₹633 crores to Gensol Engineering Ltd (GEL) for purchase of 5000 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 has hit the roads of Delhi.

The cabs were flagged off by Shri Ajay Tewari, Additional Secretary, Ministry of Power and Shri Ravinder Singh Dhillon, CMD, PFC. Rajiv Ranjan Jha, Director (Projects), Shri Manoj Sharma, Director (Commercial), Smt. Simmi R. Nakra, CVO and Shri Anmol Singh Jaggi (CEO and co-founder, Blusmart Mobility) and other Senior Officers were present on the occasion.

Addressing on the occasion of flagging off the first lot of EVs, Shri Ravinder Singh Dhillon, CMD, PFC 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 endeavoured 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.”