 "Essel Infra to invest Rs 17 bn to set up EV battery charging stations in UP")
Essel Infraprojects (EIL) said on Sunday that it is planning to invest Rs 17.5 billion in a phased manner to set up the electric vehicle (EV) charging and battery swapping infrastructure in Uttar Pradesh.
In a statement, the Subhash Chandra-led EIL said it plans to launch 250 charging stations and 1,000 battery swapping locations in 20 cities of Uttar Pradesh.
"In a massive boost to the electric vehicle segment in the country, Essel Infraprojects Ltd, an enterprise of Subhash Chandra-led Essel Group, launches its Electric Vehicle Charging and Battery Swapping Infrastructure initiative under Essel Green Mobility Ltd in Lucknow today (Sunday)," the statement said.
The announcement was made during the foundation stone laying ceremony by Prime Minister Narendra Modi in Lucknow, it said.
EIL will also invest in the simultaneous deployment of 25,000 e-rickshaws, which will generate 50,000 jobs in the state, it added.
This will reduce the cost of battery charging and will bring down the running cost per km at par with CNG or any other alternative fuel.
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The company will also provide battery swapping options at every 2 sq km which will be supported by digital apps to enable drivers to locate the nearby swapping station.
According to EIL, the battery can be swapped in 2-3 minutes, increasing vehicle productivity for plying.
The operations will start from Ghaziabad and cover other cities, including Lucknow, Kanpur, Agra, Noida, Meerut and Varanasi.
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"The project will revolutionise the electric vehicle industry in the country, especially the e-rickshaw segment, as the drivers would not need to own vehicles or batteries and they can start their business without much investment and without any complicated documentation or collateral," the statement said.
Essel Group Chairman Subhash Chandra said: "With the launch of this initiative, we have enhanced our association with the state and look forward to doing our bit in the government's vision of clean mobility."