Pursuant to the Regulation 30 of the SEBI (LODR) Regulations, 2015, Gensol Engineering has informed that one of India's leading Financial Institution has sanctioned a loan of INR 267.79 Crores to the Company for expanding its new business vertical of Electric Vehicles ('EV business'). Pertinently, the Company wishes to inform its shareholders that Gensol has been strongly aligned with India's unflagging commitment to walk down the path of carbon neutrality and has been expanding its fleet of EV cars, which, as on February 2022, the company is having consists of 284 Electronic Vehicles (EV Cars) such environment-friendly cars that are plying in the Delhi NCR region. With these proceeds, the company plans to augment its current fleet with another 3000 EV cars by the end of year 2022. Importantly, these EV cars not only contribute to reducing air pollution, but also help avoid emissions of climate change-causing Greenhouse Gases (GHG) like CO2.
The above information is a part of company’s filings submitted to BSE.
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