2018-08-03
Essel plans to invest Rs 1,750 cr to set up electric vehicle charging infrastructure

Essel Infraprojects today said it is planning to invest Rs 1,750 crore in phased manner to set up electric vehicle charging and battery swapping infrastructure. "In a massive boost to the electric vehicle segment in the country, Essel Infraprojects Ltd, (EIL) an enterprise of Subhash Chandra led Essel Group, launches its Electric Vehicle Charging and Battery Swapping Infrastructure initiative under Essel Green Mobility Limited in Lucknow today," the company said in a statement.

Under the project, EIL will invest Rs 1,750 crore in phased manner with the launch of 250 charging stations, 1,000 battery swapping stations in 20 cities of Uttar Pradesh.

The announcement was made during the foundation stone laying ceremony by Prime Minister Narendra Modi in Lucknow.

Speaking on the occasion, Essel Group Chairman Subhash Chandra said: "With the launch of this initiative, we have enhanced our association with the state and look forward to doing our bit in the government's vision of clean mobility. The launch of EVs in holistic manner will augment the state's transport infrastructure and also create job opportunities".

EIL project will kick-start the electric vehicle ecosystem in effective manner as EIL will also invest in simultaneous deployment of 25,000 e-rickshaws, which will generate 50,000 jobs in the state.

EIL's electric vehicle launch was among different industrial projects announced in the state capital, the company said in a release.

It will reduce the cost of battery charging and will bring down the running cost per km at par with CNG or any other alternative fuel. The project will also address the issue of last mile connectivity, which has been a major stumbling block in local transport infrastructure, the company said.

Through this project, the company aims to improve driver's living standard by raising their income.

Also, it will provide battery swapping options at every 2 sq kms which will be supported by digital app to enable drivers locate the nearby swapping station. The battery can be swapped in 2-3 minutes, increasing vehicle productivity for plying.

The operations will start from Ghaziabad and cover other cities, including Lucknow, Kanpur, Agra, Noida, Meerut and Varanasi.

The project will revolutionise the electric vehicle industry in the country, especially the e-rickshaw segment as the drivers would not need to own vehicles or batteries and they can start their business without much investment and without any complicated documentation or collateral.

Source- Money Control