Kochhar & Co. advises a leading e-bus manufacturer on its INR 4 Bn investment

Deals & Matters
3 March 2021

Kochhar & Co. represented PMI Electro Mobility (PMI), a leading manufacturer, technology incubator and developer of ‘zero emission’ commercial vehicles in India, on its INR 4 billion investment from GreenCell Mobility (GCM) an electric mobility-as-a-service (eMaaS) platform promoted by EverSource Capital. The investment proceeds will be utilised by PMI to operationalise 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.

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. 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.

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.

Kochhar & Co. with its deep domain knowledge in Infrastructure represented PMI by providing end-to-end transactional support on this investment. The matter was led by Infrastructure Partner, Parul Verma and supported by associate, Swapnil Sant.