In a strategic move to bolster the electric vehicle (EV) ecosystem for last-mile logistics, Mahanagar Gas Limited (MGL) has pledged an investment of INR 96 crore in 3EV Industries Pvt. Ltd. The agreement, sealed on February 14, 2024, signifies a significant push towards sustainable transportation and the adoption of EVs in the market.
MGL’s Foray into the EV Landscape
MGL, a prominent player in the natural gas distribution sector, has entered the EV arena by signing a Share Subscription Agreement (SSA) with 3EV Industries, an Electric Vehicle OEM that manufactures three-wheel electric vehicles tailored for last-mile logistics. The INR 96 crore investment will be used to enhance production capacity, support R&D projects, and develop aftermarket services, including a Battery-as-a-Service (BaaS) model.
The Path towards Sustainable Last-Mile Logistics
The collaboration between MGL and 3EV Industries aims to strengthen the EV ecosystem for last-mile logistics, replacing diesel vehicles and reducing carbon footprints. As a part of this endeavor, the funds will be utilized to expand production capacity, enabling 3EV Industries to meet the growing demand for eco-friendly transportation solutions.
The investment will also fuel R&D projects, ensuring the continuous improvement of electric vehicle technologies and infrastructure. Moreover, the development of aftermarket services, such as the Battery-as-a-Service (BaaS) model, will provide customers with more accessible and convenient charging options.
A Transaction Facilitated by Industry Leaders
The transaction between MGL and 3EV Industries was made possible with the assistance of CRISIL and HDFC Bank. Their expertise in the financial sector ensured a seamless and secure investment process.
In conclusion, MGL’s strategic investment in 3EV Industries marks a significant step towards the advancement of sustainable transportation solutions in the last-mile logistics sector. By enhancing production capacity, supporting R&D projects, and developing aftermarket services, this collaboration aims to replace diesel vehicles and reduce carbon footprints, paving the way for a greener future.
