New Delhi, Mar 31 (PTI) State-run Indian Renewable Energy Development Agency (IREDA) has sanctioned a Rs 267.67-crore loan to BluSmart Mobility for the purchase of 3,000 all-electric cars.

"In a bid to promote electric vehicles in Delhi-NCR region, Indian Renewable Energy Development Agency Ltd (IREDA), the largest lender of the Renewable Energy sector in India, sanctioned a loan of Rs 267.67 crores to BluSmart Mobility for the purchase of 3,000 all-electric cars," a company statement said.

Also Read | OnePlus 10 Pro 5G India Price To Start at Rs 66,999: Report.

According to the statement, the BluSmart Mobility will use the fresh capital to purchase 3,000 all-electric cars to expand its EV fleet.

From the sanctioned loan of Rs 267.67 crores, the first tranche of Rs 35.70 has been disbursed by IREDA to the company.

Also Read | YouTube Likely To Get Dedicated Podcasts Homepage Soon: Report.

IREDA CMD Pradip Kumar Das said, "This is our first major investment in this space and towards making India a cleaner and greener country. IREDA is looking forward to financing more EV projects to speed-up the progress of moving transportation to clean sources in the country. This is part of the company's endeavour to help reduce emissions in the National Capital Region".

Anmol Jaggi, Co-Founder, and CEO, BluSmart Mobility said in the statement, "We are excited with this fundraise and heartily thank the Government of India for taking sturdy steps in the EV sector and IREDA for putting trust in us."

The IREDA under the administrative control of Ministry of New and Renewable Energy is India's leading financial institution dedicated to clean energy expansion.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)