Gensol Engineering gets Rs267.79 crore loan for expansion of new EV vertical

8 Mar 2022 , 10:13 AM

In its press release on Tuesday, Gensol Engineering Limited informed the investors and exchanges that the company has managed to tap a loan of Rs267.79 crore for India’s leading financial institution. The company will use the proceeds of the said loan in expanding its new business vertical of Electric Vehicles.

Gensol’s primary focus is on advancing businesses that help India’s rapid transition towards a low-carbon economy, and the company has been taking significant steps to catapult this business on a growth trajectory.

Pertinently, the Company has strongly aligned itself with India’s unflagging commitment to walk down the path of carbon neutrality and has, therefore, been expanding its fleet of EV cars, since these EV cars not only contribute to reducing air pollution but also help avoid emissions of climate change-causing Greenhouse Gases (GHG) like CO2.

As of February 2022, its fleet consists of 284 environment-friendly cars that are flying in the Delhi NCR region. The loan proceeds will help the company to ramp up the EV cars fleet business by adding about 3000 such cars by the end of this financial year.

Gensol Engineering was trading at Rs249, up Rs2 or 0.80% against its previous closing price of Rs247 on BSE. It opened at Rs251.75 and so far touched the intraday high and low of Rs251.75 and Rs249 respectively.