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From Banks to E-Mobility: Inside Sumit Mittal’s Multi-Crore Plan to Scale JSW Greentech

Sumit Mittal, a former infrastructure banker leads JSW Greentech's ambitious entry into electric commercial vehicles through a massive greenfield facility in Maharashtra.

By Ketan Thakkar and Shahkar Abidi

16 Jul 2026

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From Banks to E-Mobility: Inside Sumit Mittal’s Multi-Crore Plan to Scale JSW Greentech

In the second year of the pandemic, sometime around mid- 2020, Sumit Mittal, who had just taken over as Head of corporate finance, Merger & Acquisition and Alliances at GreenCell Mobility after picking up its first government project, was looking to raise funds for it through one of the country's largest public sector bank.

Mittal, in his over 30-minute presentation, walked through the economics of the Gross Cost Contract (GCC); the model under which a state transport corporation agrees to pay a private operator a fixed rate per kilometer to run an electric bus, and the operator, in turn, ...

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