PMI inks MoU with REC for Rs 480 crore

Electric commercial vehicle manufacturer, PMI Electro Mobility, has signed a Memorandum of Understanding (MoU) with REC Limited (formerly Rural Electrification Corporation), a public-sector enterprise and a pioneer in providing financial assistance for power sector development.

The signing ceremony took place during the "Green Finance" Summit organised by REC Limited on the side-lines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial, under the backdrop of India's G20 Presidency.

As part of the MoU, PMI will have the ability to avail Rs 480 crore of financial assistance in the form of debt from REC Limited for funding requirements.

Satish Jain, Managing Director, PMI Electro Mobility said, “This marks a milestone for PMI Electro Mobility, reaffirming our commitment to sustainability and pioneering electric mobility solutions in India. At PMI, we believe that innovation and coordination are the pillars of progress. With zero tailpipe emissions and over seven crore green kilometres to our credit, we are determined to lead the charge towards a greener and cleaner future." 

REC Limited, a key player in financing projects related to renewable energy, battery energy storage systems, and electric vehicles, will extend crucial financial assistance to PMI Electro Mobility and its related ventures over the next five years, up to March 2028.

With a production facility in Delhi NCR boasting an annual capacity of 1,500 electric commercial vehicles, including 7-metre, 9-metre, and 12-metre electric buses, PMI Electro Mobility offers one of the most extensive and diverse product portfolio.