📋 Tender Overview
Project Number
51229
Company Name
GREENCELL MOBILITY PRIVATE LIMITED
Date SPI Disclosed
Aug 1, 2025
Country
India
Region
South Asia
Projected Board Date
Sep 5, 2025
Environmental Category
B - Limited
Status
Pending Approval
Last Updated Date
Department
Regional Industry - INF Asia & Pac
Industry
Infrastructure
Sector
Transit and Ground Passenger Transporation
Project Description
GreenCell Mobility Private Limited (Greencell, the Company) is pure-play electric-bus (e-bus) mobility platform in India. Greencell conducts its operation under the Government concessions for intracity operations, i.e. Business to Government (B2G) and under direct to customer segment for intercity operations, i.e. Business to Consumer (B2C).
Greencell is looking to raise capital for the following projects under implementation:
1. Concession awarded under the Government of India's (GoI) National E-bus Program (NEBP) in the State of Delhi. Total number of e-buses to be operationalized are 684, to be operated from 4 depots.
2. Concessions awarded under and the flagship PM-eBus Sewa Scheme (PMES) across multiple cities of India in Andhra Pradesh (AP), Madhya Pradesh (MP), Puducherry and Bihar. Total number of e-buses to be operationalized are 1697, to be operated from 28 depots.
3. Expansion of its B2C business.
It has identified a total financing requirement of ~INR 25,045 million (~US$292 million). IFC proposes to subscribe to INR-denominated Non-Convertible Debentures (NCDs) to be issued by Greencell and its affiliates/ subsidiaries through two separate investments:
1. Under Investment 1, IFC will subscribe to NCDs of up to INR 6,000 million (~US$70 million) to be issued by affiliates and subsidiaries of Greencell in the PMES projects mentioned above. The total debt funding required to implement concessions awarded under the PMES is up to INR17,045 million (~US$198 million). The remaining amount to be mobilized from other lenders.
2. Under Investment 2, IFC will invest up to INR 3,200 million (~US$37 million) in Greencell. Greencell requires INR 8,000 million (~US$93 million) to fund the remaining capital requirement for (i) NEBP and PMES projects identified above; (ii) expansion of B2C operations, and future B2G operations and (iii) operational expenses. The remaining capital will be mobilized from other investors.
Associated Advisory Engagement
IFC’s pre-investment advisory engagement has supported Greencell in developing its Sustainability Linked Financing Framework (the SLFF) with sustainability targets on Climate Mitigation (through accelerated renewable energy adoption), and Diversity & Inclusion (through support to green skill development, promotion of jobs through inclusive hiring and community youth employment). The SLFF developed for Greencell is in line with globally recognized standards, including the Sustainability-Linked Bond Principles (SLBP) by the International Capital Market
