Essel Group arm to invest Rs 4,250 cr in electronic vehicle segment in UP

New Delhi, Feb 22 (IANS) Essel Infraprojects Ltd (EIL), the infrastructure arm of Essel Group on Thursday, announced its foray into the electronic vehicle (EV) segment by committing investments worth Rs 4,250 crore for the sector in Uttar Pradesh.

"EIL inked a memorandum of understanding (MoU) to this effect at the UP Investors Summit in Lucknow on Wednesday," the company said in a statement, adding it has committed to an investment of Rs 3,000 crore for bringing out 1,000 E-buses from intrastate UP to the National Capital Region.

The company said that it will invest Rs 500 crore for development of e-rickshaws with battery charging and swapping stations.

It will put in another Rs 750 crore for development of bus terminals in the state, the statement said.

The proposed investments will generate over 54,000 employment activities in the state, said Essel Group Chairman Subhash Chandra.

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