Gensol Engineering, in a stock exchange filing, said that it has secured a loan of Rs.267.79 crore for the proposed expansion of its electric vehicle (EV) business.
The release said that the loan was sanctioned by “India’s leading financial institution” with no name disclosed.
The filing further said that Gensol has been strongly aligned with India’s unflagging commitment to walk down the path of carbon neutrality and has been expanding its fleet of EV cars.
As of February 2022, Gensol Engineering had a an EV fleet of 284 vehicles that were plying in Delhi and NCR (National Capital Region).
Gensol Engineering has planned to augment its current fleet with another 3,000 electric vehicles by the end of calendar year 2022.
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“These EV cars not only contribute to reducing air pollution, but also help avoid emissions of climate change-causing greenhouse gases like CO2,” the release said.
In a separate filing made in the recent past, Gensol Engineering had expected revenues from its EV business to cross Rs.50 crore in FY23.
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