Yulu, a Bengaluru-based e-mobility service provider, has partnered with Mumbai-based discom Adani Electricity Mumbai Limited (AEML), to create a sustainable city by reducing traffic congestion and pollution. With this collaboration, Yulu will have 24-hour access to battery charging and swapping access across multiple points in Mumbai. The company plans to install 500 electric vehicle charging stations across Mumbai in the next 18 months. Yulu will have access to several AEML locations around Mumbai as a result of this partnership and will add charging stations at suitable locations as it develops across the city.
Yulu has also expanded its services to include product delivery within a small distance. Its e-bikes are currently used in the BKC and Navi Mumbai districts, with plans to spread to other parts of Mumbai. According to Yulu’s needs, AEML will deploy charging stations in BKC and expand across Mumbai.
In July 2021, AEML raised $300 million through green bonds as a part of its $2 billion global medium-term notes program. The announcement marked the launch of India’s first worldwide medium-term notes programme. The bond was oversubscribed by 9.2 times. Asian investors accounted for 49 per cent of all investors, followed by European, Middle Eastern, and African investors (27 per cent), and North American investors (24 per cent). On July 22, 2021, the deal was completed. The funds will now be used to refinance current debt and build regulatory assets for asset hardening.