Follow us
Power Finance Corporation sanctions Rs 663 crore loan to Gensol Engineering for purchase of EVs
The passenger EVs will be leased to Blusmart Mobility (BMPL) to expand its fleet of ride-hailing cabs.
By Autocar Professional Bureau
4507 Views
Power Finance Corporation (PFC), a Maharatna company and NBFC in the Indian power sector has sanctioned a loan of Rs 633 crore to Gensol Engineering, for the purchase of 5000 passenger Electric Vehicles (EVs) and 1000 cargo EVs.
The passenger EVs will be leased to Blusmart Mobility (BMPL) to expand its fleet of ride-hailing cabs.
The 5000 e4Ws funded by PFC would result in emission savings of over 1,00,000 tons of CO 2equivalent. This is equivalent to the amount of CO2 absorbed by over 5 million fully-grown trees in a year, the press release noted.
Addressing the occasion of flagging off the first lot of EVs on 20 April, Ravinder Singh Dhillon, CMD, PFC said that through this funding, the company endeavoured to contribute towards the country’s Nationally Determined Contributions (NDC) goals, and it would go a long way in transitioning towards a sustainable mode of transport.
RELATED ARTICLES
Viral Bluetooth App Sparks E-Rickshaw Cybersecurity Concerns
Mukul Yudhveer Singh
01 Jul 2026
Videos circulating on social media appear to show a Bluetooth app switching off some electric rickshaws while they are o...
Tenneco, Tata Technologies Deepen Partnership with $100 Million Commitment
Sarthak Mahajan
01 Jul 2026
Tenneco LLC and Tata Technologies have expanded their global partnership, with Tenneco set to invest more than $100 mill...
EnerG Lubricants Secures Mercedes-Benz MB 229.71 Engine Oil Approval
Anurag Chaturvedi
01 Jul 2026
The 0W-20 oil is EnerG's third Mercedes-Benz approval. EnerG and HPCL are the only two Indian-origin brands on the Germa...
