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.

Autocar Professional BureauBy Autocar Professional Bureau calendar 21 Apr 2023 Views icon4009 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Power Finance Corporation sanctions Rs 663 crore loan to Gensol Engineering for purchase of EVs

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
MediaTek Sees India Account for 20% of Global Automotive Chip Rollout in 5 Years

auther Darshan Nakhwa calendar09 Jul 2025

Taiwanese semiconductor firm bets big on India's connected vehicle ecosystem, ramps up local engineering efforts and EV ...

MG Says Not Immune to Rare Earth Disruption

auther Prerna Lidhoo calendar09 Jul 2025

Managing Director says Chinese connection with SAIC Motor provides no preferential access to critical materials needed f...

Gabriel India to Invest Rs 27 Crore in Fasteners Joint Venture with South Korean Firm

auther Shruti Shiraguppi calendar09 Jul 2025

Company will hold 51% stake in Jinhap Automotive India Private Limited to manufacture automotive and industrial fastener...