IREDA Approves Rs 268 Crore loan for BluSmart Mobility to buy 3000 EVs

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  • IREDA approves Rs 268 crore loan to BluSmart Mobility to buy 3000 EVs

To promote electric vehicles in the Delhi-NCR region, the Indian Renewable Energy Development Agency Limited (IREDA), the largest lender to the renewable energy sector in India, has approved a loan of Rs. 267.67 crores for BluSmart Mobility to purchase new 3,000 all-electric cars.

BluSmart Mobility will use the fresh capital to purchase 3,000 all-electric cars, leading to an expansion of its EV fleet. From the sanctioned loan of Rs. 267.67 crores, the first tranche of Rs. 35.70 has been disbursed by IREDA to the company.

Speaking on the collaboration, Shri Pradip Kumar Das, CMD, IREDA said, “We at IREDA believe that electric mobility has huge growth potential in India. BluSmart has been providing its services in the national capital region of India, and we support their team behind this good work. This is our first major investment in this space and towards making India a cleaner and greener country. IREDA is looking forward to financing more EV projects to speed up the progress of moving transportation to clean sources in the country. This is part of the company’s endeavor to help reduce emissions in the National Capital Region.”

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