The government of India has approved a 580 billion rupee ($7 billion) program to install 10,000 electric buses in 169 cities over ten years.
The government also plans to deploy charging and associated infrastructure facilities along with the buses, reported Reuters.
The scheme, which will be based on a public-private partnership, will receive a fund of 200 billion rupees from the government.
The government is yet to clarify if the remaining fund will be provided either by the respective state governments or private players.
The move comes in the wake of India’s push to slash emissions and cut fuel imports.
The government aims to have a fleet of 50,000 electric vehicles across the country for $12 billion.
Shares of companies Olectra Greentech, JBM Auto, Tata Motors, and Ashok Leyland, which investors expect to profit from the plan, rose after the news.
Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
