EESL to invest Rs. 10k crore in Andhra Pradesh for 1 lakh EVs

Energy Efficiency Services Limited (EESL) will be investing Rs. 10,250 crore in Andhra Pradesh for the roll out of 1 lakh electric vehicles (EV) over the next 2 years. It will provide Rs. 2,000 crore per year as operational investment to the state government.

The Chief Minister of Andhra Pradesh has directed EELS to prepare a comprehensive action plan to lease and use the EVs in a phased manner. Additionally, EV and battery manufacturers, technology providers and public sector departments will meet in the third week of March to discuss on the roll out plan.

After the implementation of the project, it is estimated that the state would save Rs. 3,600 crore on leased vehicles. There would also be a significant reduction in the state's fuel expenditure to the tune of Rs. 2,160 crore and the reduction in CO2 emissions is expected to limit the loss of GDP by Rs. 500 crore. The move is also expected to create more than 1 lakh new jobs.

Andhra Pradesh is among the few states that have shown interest in purchasing EVs. The state government is set to receive new EVs, which will be produced by EESL as part of a fresh tender.

Source: ET Auto