$275 million fairness infusion for Essar’s GreenLine Mobility
NEW DELHI: Essar group enterprise GreenLine Mobility Options Ltd, India’s sole operator of LNG- and electric-powered heavy industrial vehicles, has introduced a $275 million fairness funding, to speed up the decarbonisation of heavy trucking in India.
The invesetment contains $20 million from Nikhil Kamath, marking a major enhance to transformation of India’s logistics, the corporate mentioned on Thursday. GreenLine goals to decarbonise India’s transportation sector, which contributes practically 15% of the nation’s whole carbon emission.
The funding will allow the deployment of over 10,000 LNG and EV vehicles, together with the institution of a nationwide community of 100 LNG refuelling stations, EV charging stations, and battery swapping amenities. This complete initiative goals to scale back 1 million tonnes of carbon emissions yearly.
The corporate gives its logistics providers at price parity with diesel vehicles, making certain that clients can cut back carbon emissions with out incurring any extra prices.
India’s highway logistics sector, with over 4 million vehicles already in operation and persevering with to develop, stays one of many nation’s most carbon-intensive industries. Aligned with the Indian authorities’s bold objective to scale back greenhouse gasoline emissions, GreenLine is dedicated to transitioning India’s heavy-duty automobile (HDV) fleet to LNG and EV vehicles to advertise cleaner, extra sustainable transport.
GreenLine’s LNG-powered vehicles cut back CO₂ emissions by as much as 30%, making them a trusted accomplice for corporates aiming to realize their sustainability objectives. The corporate’s present fleet of over 650 LNG vehicles serves marquee firms throughout industries corresponding to FMCG & E-commerce, Metals and Mining, Cement, Oil & Gasoline, Chemical substances, and so on. The fleet has already lined over 38 million kilometres, lowering CO₂ emissions by 10,000 tonnes.
“We’re actually enthusiastic about this game-changing shift in India’s heavy trucking trade. We see this as a possibility to not solely construct the inexperienced mobility ecosystem, but additionally, sooner or later, put money into clear vitality sources to energy our electrical vehicles. This built-in method will considerably cut back emissions, lower down on vitality imports, and assist drive India in the direction of attaining a extra sustainable, energy-secure future,” the corporate assertion quoted director Anshuman Ruia as saying.
In response to GreenLine CEO Anand Mimani, this funding brings the corporate nearer to “our imaginative and prescient of reworking India’s highway logistics sector”.
Investor and entrepreneur Nikhil Kamath mentioned, “Inexperienced mobility isn’t only a development; it’s the inevitable future. Backing GreenLine is a guess on that future, the place sustainability and effectivity go hand in hand”.
