Convergence Energy Services Limited (CESL) has announced the launch of a rate contract to procure 1,000 electric cars on a five-year lease basis across India, as part of its pioneering ‘EV as a Service’ model. Developed by CESL, this initiative aims to accelerate the adoption of electric vehicles (EVs) and promote sustainable mobility solutions nationwide.
Under the rate contract, CESL will oversee the deployment of 1,000 e-cars in the initial phase, providing comprehensive fleet management services, including repair and maintenance, vehicle insurance, roadside assistance, and optional driver provisions. This strategic move underscores CESL’s commitment to facilitating affordable, clean, and green transportation options in the country.
CESL, a wholly-owned subsidiary of Energy Efficiency Services Limited (EESL), operates under the Ministry of Power and has been actively engaged in promoting energy efficiency and sustainability initiatives. The company has previously collaborated with various central and state government departments and central public sector undertakings (CPSUs) to deploy approximately 2,000 e-cars on a lease basis since 2018.
The latest endeavor to procure 1,000 e-cars aligns with India’s broader objective of achieving net-zero emissions by 2070, necessitating concerted efforts to mitigate the environmental impact of the transportation sector. By leveraging innovative business models and adhering to statutory compliances, CESL seeks to overcome barriers and foster widespread acceptance of EVs in the lease and rental market.
Vishal Kapoor, Managing Director and CEO of CESL, emphasized the significance of the EV-as-a-Service model in facilitating the deployment of diverse e-car models available in India, in line with the country’s ‘Make in India’ guidelines. Kapoor reiterated CESL’s commitment to driving EV adoption and sustainability, leveraging unique procurement strategies and partnerships to realize this vision.
Through a strategic blend of concessional and commercial capital, carbon finance, and grants, CESL aims to scale up the commercialization of sustainable mobility solutions, contributing to India’s transition towards a greener and more resilient transportation ecosystem.
