Causis E-Mobility, a renowned and globally acclaimed electric bus manufacturer, supplier of e-vehicles and related mobility solutions including charging infrastructure and green tech-based applications, is now in the advanced stages of raising a fund of Rs.1400 crore for its 700 electric double-decker BEST bus project.
In this regard, Ravi Kumar Panga, CEO and Director of Causis E-Mobility Private Limited has stated that the BEST project requires an investment of around Rs1,800 crore. As the deadlines are closing, the company is in the advanced stages of discussion with numerous financial institutions.
Further, the lenders have provided an official mandate which instates that Causis E-Mobility must provide an approximate figure of 25 to 30 per cent as equity funding. “Because this money will be needed over time as deliveries take place, I am confident that the Indian debt market will respond positively,” says Panga.
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Back in February 2022, Causis e-mobility and Switch Mobility were deemed as the leading manufacturers offering electric double-decker buses engineered to offer superior performance, at rates of Rs 56.40 and Rs 62.40 per kilometre based on a Gross Cost Contract (GCC), respectively. However, Switch Mobility, later on, decided to lower its rates in order to match that of Causis E-mobility.
Causis E-Mobility has also received a green signal from the Kalyan Dombivali Municipal Corporation (KDMC) to operate the EuraBus. As per reports, the brand has already received LoA with regards to the maintenance and operation of 107 fully constructed 9-metre, electric buses (AC/Non AC) including infrastructure for precisely 12 years.
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Furthermore, reports suggest that the brand will be manufacturing electric double-decker buses at its Jaipur plant in its first phase, however, the rest will be produced at its new facility being constructed in Pune, Maharastra. For those who are wondering about the production capacity of the Jaipur plant, around 1000 units can be fully constructed and assembled.
The brand is also working towards the establishment of its own plant for the production of EV batteries and also aims to increase its production capacity. It also has plans to introduce an e-bus manufacturing facility in Kopparthi, Andhra Pradesh.
Thus, this is the latest news about Causis E-Mobility being in the final stages of raising a fund of Rs1400 Crore for its 700 electric double-decker BEST bus project.
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