📋 Tender Overview
Project Number
49723
Company Name
Transvolt Mobility Pvt Ltd
Date ESRS Disclosed
Apr 7, 2025
Country
India
Region
South Asia
Last Updated Date
Environmental Category
B
Status
Pending Approval
Sector
Transit and Ground Passenger Transporation
Industry
Infrastructure
Department
Regional Industry - INF Asia & Pac
Project Description
Transvolt Mobility Private Limited (the Company or Transvolt), is an early-stage, Original Equipment Manufacturer (OEM)-agnostic Electric Vehicle (EV) platform that owns, operates, and maintains EVs for the purpose of providing urban e-bus fleet mobility, employee e-transport solutions (ETS) for corporates, last-mile e-connectivity, and e-trucking solutions across select states in India. Incorporated in 2023, Transvolt has an operational history of little more than a year. Currently, Transvolt has contracts for approximately 220 EVs for municipal corporations, and private corporations envisage scaling up their operations with a contracted pipeline of 750 buses by the end of 2025 across the country. Transvolt is a subsidiary of Elements Renewable Energy Private Limited (EREPL or the Sponsors), which is in the business of developing renewable energy and decarbonized transport solutions (through Transvolt).
The proposed transaction is a phased quasi-equity investment of up to US$20 million (mn) in INR equivalent in the form of Compulsorily Convertible Debentures ( CCDs ), to an electric vehicle (EV) fleet operator, Transvolt to help scale up the fleet portfolio to up to c.3500 EVs in the next 5 years (the Project).
As a business strategy, the company’s entire operations will be contracted with the government (bid-out) and marquee corporates (bilateral) through long-tenor contracts (Concession Agreement or GCC). Transvolt’s business strategy also involves the acquisition of operational GCC government contracts. The obligations relating to the Annual Maintenance Contracts (AMC) of the vehicles, including battery replacement, are carried out by the OEMs and charging point operators under long-term contracts co-terminus with the Concession Agreements. Except for a few specific obligations, Transvolt is envisaging back-to-back transfer of all the obligations under the GCC contract, including the operations and maintenance (O&M), to third-party O&M contractors. Transvolt has shortlisted O&M operators based on their experience in fleet operations across the country. It is possible that Transvolt may form joint ventures with OEMs and O&M contractors for future bids for GCCs.
Transvolt’s portfolio currently involves two GCC contracts with government authorities in the Mira-Bhayander and Ulhasnagar towns in the Mumbai Metropolitan Region and an ETS contract. Transvolt plans to implement and operate these GCC contracts till operations are stabilized and systems compliant with applicable laws are established post which it is envisaging to appoint O&M contractor selected for the subprojects. Tra
