BII commits Rs 2.8 billion to boost India’s EV sector
Author: PPD Team Date: 05/12/2024
British International Investment (BII) will invest USD 33.5 million (approximately Rs 2.8 billion) in three companies within India’s electric vehicle (EV) ecosystem.
The investment includes USD 15 million in debt financing for Mumbai-based fleet operator Everest Fleet and USD 15 million in equity funding for EV manufacturer TI Clean Mobility, a subsidiary of Tube Investments India.
Additionally, USD 3.5 million will go to Delhi-based EV component maker Vecmocon to enhance R&D and expand its presence in the commercial EV market.
The funding will help Everest Fleet add up to 1,300 new EVs, creating job opportunities for drivers in cities such as Mumbai and Delhi.
Vecmocon, backed by BII, EIF, and Blume Ventures, will use the funds to bolster its low-carbon vehicle production. BII’s cumulative investment in India’s EV sector now stands at USD 328 million (around Rs 27.5 billion).
BII also reiterated plans to allocate up to USD 1 billion towards climate-mitigating initiatives and green technology in India.