ESSAR group-backed GreenLine Mobility Solutions will invest $275 million to accelerate decarbonization of heavy trucks in the country, in a move to cut logistics-related emissions and align its supply chain with sustainability goals.
This includes a $20 million investment from Zerodha Co-founder Nikhil Kamath, the company said in a statement.
The investment will help GreenLine Mobility Solutions Ltd which operates LNG- and electric-powered heavy commercial trucks to deploy over 10,000 LNG and EV trucks and set up 100 LNG refuelling stations, EV charging, and battery-swapping facilities.
GreenLine operates LNG-powered trucks for long-haul transportation and electric vehicles (EVs) for short-haul operations. Its subsidiary Ultra Gas and Energy Ltd is also building a nationwide network of LNG refuelling stations to support its green logistics solutions.
“GreenLine aims to decarbonize India’s transportation sector, which contributes nearly 15% of the country’s total carbon emission. This comprehensive initiative aims to reduce 1 million tons of carbon emissions annually,” the statement added.
“We see this as an opportunity to not only build the green mobility ecosystem but also, in the future, invest in clean energy sources to power our electric trucks. This integrated approach will significantly reduce emissions, cut down on energy imports, and help drive India towards achieving a more sustainable, energy-secure future.” Anand Mimani, CEO of GreenLine Mobility Solutions Ltd, said.
India’s road logistics sector, with over 4 million trucks already in operation and continuing to grow, remains one of the country’s most carbon-intensive industries.
As per GreenLine, the LNG-powered trucks cut carbon dioxide emissions by up to 30%. The firm currently operates a fleet of 650 LNG trucks reducing emissions by 10,000 tons.
Companies in India, the world’s third-largest emitter of greenhouse gases, are investing billions of dollars to help the country reach the net-zero emissions target by 2070.
The company offers its logistics services at cost parity with diesel trucks, ensuring that customers can reduce carbon emissions without incurring any additional costs.
