IFC Invests Rs 1.7 Bn in Transvolt to Boost Electric Vehicle Output

21 Jul 2025 CW Team

IFC, a member of the World Bank Group, announced on Friday a USD 20 million equity investment in Transvolt Mobility Pvt Ltd to expand electric vehicle (EV) production.

This USD 20 million contribution forms part of Transvolt’s USD 50 million financing round, said the World Bank arm that supports private sector growth in emerging markets.

“This is IFC’s first equity investment in an EV platform globally and in India. It will enable Transvolt to scale its electric fleet to 3,500 vehicles and create 8,200 jobs over the next five years. It will also support the company’s long-term goal to deploy 8,000 heavy commercial EVs, including buses and trucks, across India,” the statement added.

Vikram Kumar, IFC’s Regional Industry Director for Infrastructure & Natural Resources in Asia-Pacific, said, “Transvolt has been a key partner. Through our collaboration, we aim to enhance competitiveness by electrifying public and private fleets operated by municipalities and corporations, demonstrating the commercial viability of electric fleets, and expanding access to quality urban transport.”

Dheeraj Jhawar, director and co-founder of Transvolt Mobility, said that with IFC’s support, the company intends to accelerate the transition to sustainable transport and develop inclusive solutions aligned with national and global sustainability goals.

India’s ambitious clean mobility plan targets electrifying 800,000 buses, replacing 10 per cent of diesel trucks with 400,000 electric trucks, and achieving 18 per cent electrification of small commercial vehicles (SCVs) through 111,000 e-SCV deployments.

This shift offers an opportunity to invest in scalable EV solutions across public and private fleets and is expected to mobilise an estimated USD 200 billion to meet India’s targets.

Since FY23, Transvolt has deployed 500 heavy commercial EVs and established a strong presence in sectors including municipal corporations, corporate employee transport, and haulage for leading cement manufacturers.

IFC, a member of the World Bank Group, announced on Friday a USD 20 million equity investment in Transvolt Mobility Pvt Ltd to expand electric vehicle (EV) production.This USD 20 million contribution forms part of Transvolt’s USD 50 million financing round, said the World Bank arm that supports private sector growth in emerging markets.“This is IFC’s first equity investment in an EV platform globally and in India. It will enable Transvolt to scale its electric fleet to 3,500 vehicles and create 8,200 jobs over the next five years. It will also support the company’s long-term goal to deploy 8,000 heavy commercial EVs, including buses and trucks, across India,” the statement added.Vikram Kumar, IFC’s Regional Industry Director for Infrastructure & Natural Resources in Asia-Pacific, said, “Transvolt has been a key partner. Through our collaboration, we aim to enhance competitiveness by electrifying public and private fleets operated by municipalities and corporations, demonstrating the commercial viability of electric fleets, and expanding access to quality urban transport.”Dheeraj Jhawar, director and co-founder of Transvolt Mobility, said that with IFC’s support, the company intends to accelerate the transition to sustainable transport and develop inclusive solutions aligned with national and global sustainability goals.India’s ambitious clean mobility plan targets electrifying 800,000 buses, replacing 10 per cent of diesel trucks with 400,000 electric trucks, and achieving 18 per cent electrification of small commercial vehicles (SCVs) through 111,000 e-SCV deployments.This shift offers an opportunity to invest in scalable EV solutions across public and private fleets and is expected to mobilise an estimated USD 200 billion to meet India’s targets.Since FY23, Transvolt has deployed 500 heavy commercial EVs and established a strong presence in sectors including municipal corporations, corporate employee transport, and haulage for leading cement manufacturers.

Infrastructure Energy

19 Sep 2025

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Infrastructure Urban

19 Sep 2025

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Infrastructure Energy

19 Sep 2025

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..