PMI Electro to nvest Rs 500 crore in Uttarakhand to build infrastructure

Bus maker PMI Electro plans to invest Rs 500 crore in Uttarakhand to build infrastructure and another support system for electric vehicles, a top company official said.

The company signed an agreement for the proposed investment with the state government during the two-day investor summit at Dehradun, the official stated.

"The memorandum of understanding is a first step towards reducing pollution in the hill state. Under the agreement, PMI Electro Mobility Solution plans to invest Rs 500 crore for plying 500 electric buses and developing associated charging infrastructure," PMI Electric Managing Director Satish Jain said in a statement.

PMI and China-based Beiqi Foton Motors have partnered for the marketing and sales of buses in India.

"Foton PMI electric bus can withstand heavy ridership and steep hills with a long design life of 15 years. PMI aims to be a zero-emission commercial vehicle manufacturer within next five years," Jain said.

(With inputs from agencies.)