New Delhi: Power Finance Corporation (PFC), a Maharatna company and India’s leading NBFC in the power sector, has signed an agreement to lend Rs 275 crore for deployment of 350 electric buses across nine cities of Uttar Pradesh.

The agreement was signed with Green Cell Mobility, which is an e-mobility platform supported by the Governments of India and the United Kingdom to boost adoption of electric vehicles in the country. The buses will be deployed in key cities of UP including Agra, Meerut, Aligarh, Bareilly, Ghaziabad and Mathura.

The Government of India has launched FAME-II scheme with an allocation of Rs 3500 crore for promotion of adoption of electric buses. Electric buses offer sustainable mobility solutions by tackling challenges of poor air quality and also reducing carbon footprints of the nation. /BI/