New Delhi, Feb 7 (IANS): GreenCell Mobility Private Limited has acquired 49 per cent stake in two Special Purpose Vehicle (SPV) companies incorporated by PMI Electro Mobility Solutions Private Limited, which won the bid for deploying 350 electric buses along with the charging infrastructure across several cities in Uttar Pradesh.

Greencell Mobility will invest around Rs 400 crore in the project.

GreenCell is an eMaaS (electric mobility as service) platform, PMI Electro Mobility Solutions is a 'zero emission' commercial vehicle manufacturer in India.

This contract, awarded by Directorate of Urban Transport,Government of Uttar Pradesh, comes under the Government of India's Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) programme.

Ashok Agarwal, MD & CEO, GreenCell Mobility said: "We are extremely happy to invest in the state of Uttar Pradesh to promote green and sustainable public transport. We are looking forward to much deeper commitment and long term relationship with the state and PMI as our partner."

Noting that the the consortium will provide city bus service in six cities, SatishJain, Managing Director, PMI Electro Mobility said that the partnership will touch lives of one lakh riders daily by providing non-polluting, clean and efficient services.

"This partnership shall generate 1,000 direct jobs in the state. The project shall not only ensure good financial returns but also substantial ESG returns," he said.