New Delhi: Power Finance Corporation (PFC) on Wednesday has signed an agreement to lend Rs 275 crore for the deployment of 350 electric buses across nine cities of Uttar Pradesh. The agreement was signed with GreenCell Mobility, which is an e-mobility platform supported by Governments of India and the United Kingdom to boost the 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 Central government has launched the FAME-II scheme with an allocation of Rs 3,500 crore for the promotion of the adoption of electric buses. Electric buses offer sustainable mobility solutions by tackling challenges of poor air quality and also reducing the carbon footprints of the nation.
Fully -owned by the Govt of India, PFC is the financial backbone of the Indian Power Sector. PFC's Net worth as on September 30, 2018, is INR 383 billion. The Maharatna power PSU is the 8th highest profit-making Central Public Sector Enterprise (CPSE) as per the Department of Public Enterprises Survey for FY 2017–18. PFC is India's largest NBFC and also India's largest infrastructure finance company. The government has raised the status of PFC from ' Navratna' to 'Maharatna' company on 12 October 2021.
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