PFC enters pact to finance 350 electric buses in Uttar Pradesh

PFC, a maharatna company and India's leading NBFC in the power sector, signed an agreement to lend Rs 275 crore for deployment of 350 electric buses across nine cities of Uttar Pradesh (UP). The agreement was signed with GreenCell Mobility, which is an e-mobility platform supported by governments of India and United Kingdom to boost adoption of electric vehicles in the country. The buses will be deployed in key cities of UP including Agra, Meerut, Aligarh, Bareilly, Ghaziabad & Mathura.

The government of India has launched FAME-II scheme with an allocation of Rs 3,500 crore for promotion of adoption of electric buses. Electric buses offer sustainable mobility solutions by tackling challenges of poor air quality and also reducing carbon footprints of the nation. The FAME II scheme, launched in April 2019, has now been extended to March 31, 2024.

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