Chennai, Jul 24 (IANS): Shared electric mobility player GreenCell Mobility on Monday announced that it would raise Rs 3,000 crore debt from REC Ltd.

GreenCell Mobility said a MoU has been signed with REC in this connection.

According to GreenCell Mobility, the debt of Rs 3,000 crore will be used to acquire electric buses and supporting alternative fuel technology buses projects, battery energy storage initiatives, and establishing a robust charging infrastructure network.

As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028, the statement added.

The MOU shall remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility.