PFC sanctions ₹633-cr loan to Gensol Engineering to purchase 6,000 passenger, cargo EVs

State-run Power Finance Corporation (PFC) recently said it has sanctioned a loan of ₹633 crore to Gensol Engineering (GEL) for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs.

The passenger EVs will be leased to Blusmart Mobility (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 Maharatna company said.

“India is set to play a pivotal role in driving global disruption in the electric mobility sector. At BluSmart, we are committed to bring this transformational shift in the sector and responsibly scale our footprint across India, BluSmart CEO Anmol Singh Jaggi said.

With this, the electric mobility solutions provider is also increasing its market share of the EV mobility segment. The financing through PFC will help the company deploy more EVs on the streets, he added.

HBL