ICRA assigns its first rating for electric bus project in India
December 17, 2020
Greencell Marudhara awarded A- (Stable)
In an industry-first move, rating agency ICRA has assigned A- (Stable) to Greencell Marudhara Pvt Ltd, an electric bus-fleet operator for the Rajasthan State Road Transport Corporation (RSRTC), in Rajasthan.
ICRA’s rating in this sector is of significance with the Government of India promoting electric vehicles as a cleaner and sustainable form of transportation, with special focus on the commercial segment
The rating assigned for Greencell factors in its status as the successful concessionaire for procurement, operations and maintenance of 48, 12-metre-long, fully-built, air-conditioned electric buses on intercity routes for RSRTC (on gross cost contract basis under the FAME II Scheme), and its superior financial flexibility by virtue of being backed by Green Growth Equity Fund, said a statement.