Daijiworld Media Network – New Delhi
New Delhi, Apr 20: In a cautious move amidst ongoing financial scrutiny, the National Highways for Electric Vehicles (NHEV) has sought clarity and oversight before placing its next big electric fleet order with BluSmart, a leading EV ride-hailing company. The concern stems from recent allegations against the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also directors of Gensol Engineering.
The Securities and Exchange Board of India (SEBI) has imposed a capital market ban on the Jaggi brothers, citing fund diversion and financial irregularities. This development has cast a shadow over BluSmart’s operations, with key stakeholders in the EV sector now demanding due diligence before proceeding with any contracts.
On Friday, a high-level meeting was chaired by Abhijeet Sinha, National Program Director at Ease of Doing Business, involving the Ethical Governance Committee, Procurement Committee, and finance representatives from the Annuity Hybrid E-Mobility (AHEM) framework.
A joint statement noted: “In the current scenario, placing an order with BluSmart poses certain risks. It is essential to ensure that the originally intended technical and service standards are upheld, regardless of changes in board or management.”
The NHEV program, backed by the central government and originally supported by the Ministry of Commerce and Industry, aims to transform national highways into electric corridors, facilitating cleaner intercity travel. BluSmart was one of the earliest companies to meet the program’s demanding intercity EV fleet criteria, particularly through the deployment of long-range SUVs during tech trials.
To avoid derailing momentum, NHEV has approached Power Finance Corporation (PFC) and the Indian Renewable Energy Development Agency (IREDA) to participate in a joint meeting exploring two potential resolutions. Between FY22 and FY24, PFC and IREDA collectively lent ?977.75 crore to Gensol, including ?663.89 crore earmarked for 6,400 electric vehicles.
As per the proposal, two alternatives are under consideration:
- Continue with BluSmart: Provided the company’s board implements necessary internal, rental, and financial adjustments to maintain solvency, repay debts, and fulfill SPEDMM (Standard Procurement for Electric Dynamic Mobility Models) orders. This would support the NHEV’s nationwide expansion through cooperative taxi services under new guidelines from the Ministry of Cooperation.
- Explore Alternatives: Should BluSmart’s compliance and recovery prove insufficient, NHEV may look toward a new procurement cycle—a process that would be costlier and time-consuming due to the requirement for fresh technical trials and vendor assessment.
“The priority remains the continuity and integrity of the NHEV pilot. While we have no vested interest in any single firm, the goal is to ensure public trust and technical robustness in the fleet operations,” the statement emphasized.
Ease of Doing Business affirmed its commitment to facilitating either path, ensuring the electric mobility sector's growth isn’t hindered by isolated cases of corporate misgovernance.
As the EV space continues to evolve, all eyes are now on IREDA and PFC’s response to the joint meeting request—a decision that could shape the next phase of India’s green mobility mission.