Kochhar & Co advises leading e-bus manufacturer, PMI on its INR 4 billion investment by GreenCell Mobility
NEW DELHI: Kochhar & Co has represented PMI Electro Mobility (PMI), a leading manufacturer, a technology incubator, and developer of ‘zero-emission’ commercial vehicles in India, on its INR 4 billion (Rs. 400 Crores) investment from GreenCell Mobility (GCM) an electric mobility-as-a-service (eMaaS) platform promoted by EverSource Capital.
Kochhar & Co. with its deep domain knowledge in infrastructure represented PMI by providing end-to-end transactional support on this investment.
The law firm’s team for this deal comprised of Infrastructure Partner, Parul Verma, and Associate, Swapnil Sant.
“The current investment transaction from GCM follows the outcome of a high-profile bid issued by the Government of Uttar Pradesh as part of its FAME-II incentive scheme for the operation of electric buses in select cities in the state,” said a statement by Kochhar & Co.
Kochhar & Co.is a preferred law firm for MNCs from North America, Europe, and Japan including 75 of the Global Fortune 500 corporations.
“Following the award of the project to our client PMI, GCM acquired a 49% stake in two special purpose vehicles (SPVs) incorporated by PMI and its consortium members for the implementation of the Project,” it added.
On Thursday, GCM announced its partnership through the acquisition of a strategic stake in two SPV companies incorporated by PMI Electro Mobility Solutions Private Limited, which won the bid for deploying 350 electric buses along with the charging infrastructure across the cities of Lucknow, Varanasi, Gorakhpur, Kanpur, Prayagraj, and Jhansi in 2 Packages in the state of Uttar Pradesh.
“The investment proceeds will be utilized by PMI to operationalize a PPP project for the deployment and operation of electric buses along with charging infrastructure across several cities in the State of Uttar Pradesh,” said the statement by Kochhar & Co.
Satish Jain, Managing Director, PMI Electro Mobility said, “We are elated to partner with GreenCell Mobility to provide city bus service in 6cities of Uttar Pradesh. Our partnerships touch the lives of 100,000 riders daily by providing non-polluting, clean, and efficient, timely, comfortable, and disabled-friendly bus services.”
“This partnership shall generate1000 direct jobs in the state. The project shall not only ensure good financial returns but also substantial ESG returns. The investment by the companies is a step towards sustainable investing. We thank the government of Uttar Pradesh to provide us the opportunity and GreenCell Mobility for trusting our vision,” he added.
Recently, GreenCell had bagged its first-ever contract under the FAME-II incentive scheme from the Rajasthan State Road Transport Corporation (RSRTC) for the operation of 48 air-conditioned electric buses.
The investment proceeds will be utilized by PMI to operationalize a PPP project for the deployment and operation of electric buses along with charging infrastructure across several cities in the State of Uttar Pradesh, India.
According to Kochhar & Co., “This transaction is pathfinding for the Government of India’s commitment to electric mobility as the next frontier in renewable energy, urban regeneration, and sustainability, as also the growing role of institutional capital and private equity in this sector.
