The News Scroll 17 December 2020  Last Updated at 6:10 pm | Source: PTI

Greencell Marudhara assigned A-stable rating by ICRA; first rating in EV space

Greencell Marudhara assigned A-stable rating by ICRA; first rating in EV space
Mumbai, Dec 17 (PTI) Greencell Marudhara, the electric bus fleet operator for the Rajasthan State Road Transport Corporation, has been assigned A-stable rating, which is ICRA''s first rating in the electric vehicle (EV) space, according to a release.

Incorporated to target the opportunities in the e-mobility space and become a pan-Indian shared electric mobility player, Greencell Marudhara Pvt Ltd (GMPL) is a 98.99 per cent subsidiary of GreenCell Mobility.

GreenCell Mobility is the wholly-owned subsidiary of Sebi-registered Category-II alternate investment fund, GGEF. Green Growth Equity Fund (GGEF) is an India-focused fund with sovereign funds as anchor investors.

"In an industry-first, ICRA has assigned [ICRA] A- (Stable) to Greencell Marudhara Private Limited," the ratings agency said in a release.

The rating assigned for Greencell Marudhara factors in its status as the successful concessionaire for procurement, operations and maintenance of 48 electric buses on intercity routes for the state road transport authority, it said.

The rating in this sunrise sector is of significance as the central government is focussing significantly on promoting electric vehicles as a cleaner and sustainable form of transportation, with special focus on the commercial segment, ICRA said.

ICRA Vice-President Shamsher Dewan said, "We are delighted to announce ICRA''s first rating in the emerging EV segment. Considering the significant cost-differential between conventional vehicles and EVs, the key driver for the adoption of EVs remain the incentives provided by the the central government."

He added that the government''s focus on promoting electric vehicles by providing capital subsidies remains a positive.

In September last year, RSRTC had issued a request for proposal inviting bids from eligible bidders for the selection of bus operator for procurement, operation and maintenance of 50 e-buses for intercity and interstate operations.

GreenCell had won this tender for 48 such buses for intercity operations in Rajasthan. Subsequently, Greencell incorporated a special purpose vehicle GMPL for the project. PTI IAS HRS

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
Next Story :
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store