$275 million equity infusion for Essar’s GreenLine Mobility

NEW DELHI: Essar group enterprise GreenLine Mobility Solutions Ltd, India’s sole operator of LNG- and electric-powered heavy business vehicles, has introduced a $275 million equity funding, to speed up the decarbonisation of heavy trucking in India.
The invesetment contains $20 million from Nikhil Kamath, marking a big 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 complete 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 cut back 1 million tonnes of carbon emissions yearly.
The firm presents its logistics providers at value parity with diesel vehicles, making certain that prospects can scale back carbon emissions with out incurring any further 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 cut back greenhouse fuel emissions, GreenLine is dedicated to transitioning India’s heavy-duty car (HDV) fleet to LNG and EV vehicles to advertise cleaner, extra sustainable transport.
GreenLine’s LNG-powered vehicles scale back CO₂ emissions by as much as 30%, making them a trusted companion for corporates aiming to realize their sustainability targets. The firm’s present fleet of over 650 LNG vehicles serves marquee firms throughout industries corresponding to FMCG & E-commerce, Metals and Mining, Cement, Oil & Gas, Chemicals, and so forth. The fleet has already coated over 38 million kilometres, decreasing CO₂ emissions by 10,000 tonnes.
“We are really excited about this game-changing shift in India’s heavy trucking industry. We see this as an opportunity to not only build the green mobility ecosystem, but also, in the future, invest in clean energy sources to power our electric trucks. This integrated approach will significantly reduce emissions, cut down on energy imports, and help drive India towards achieving a more sustainable, energy-secure future,” the corporate assertion quoted director Anshuman Ruia as saying.
According to GreenLine CEO Anand Mimani, this funding brings the corporate nearer to “our vision of transforming India’s road logistics sector”.
Investor and entrepreneur Nikhil Kamath mentioned, “Green mobility isn’t just a trend; it’s the inevitable future. Backing GreenLine is a bet on that future, where sustainability and efficiency go hand in hand”.