Mobility services provider Chartered Speed which is planning for an initial public offering (IPO) to raise money for expanding its electric vehicle (EV) fleet, has signed a Memorandum of Understanding (MoU) with Gujarat International Finance Tec-City (GIFT), an under-construction central business district in Ahmedabad to work together towards building a dynamic EV ecosystem.
The collaboration aims to enhance public transport facilities for commuting to and from GIFT city and promote and strengthen EV infrastructure in Ahmedabad and Gandhinagar region. As part of the MoU, Chartered Speed will provide EV mobility for intra and inter-city travel and offer electric bikes for the convenience of people working, residing and visiting GIFT City.
Chartered speed will manage all fleet operations
Chartered Speed will manage the day-to-day fleet operations, including drivers, route, fare collection, maintenance of buses, and charging infrastructure across GIFT City.
Chartered Speed Limited (CSL) is a passenger mobility company with a presence in 10 states. They are the largest fleet bus operators in India for intercity and intracity passenger in Central, Western and North-Eastern states of India. Daily, it assists 300,000 people in getting to their destinations in more than 70 cities.
Sanyam Gandhi, CEO and Director, Chartered Speed Ltd., said, “We are delighted to collaborate with GIFT City for this initiative to provide connectivity, comfort and convenience to people working, residing or commuting to or from the GIFT city. We are confident that this will also accelerate the growth and widespread adoption of EVs within GIFT City and across the region.”
The company is already planning to go public soon with its INR 600 crore IPO to raise money for expanding its EV bus fleet. Currently, only 5 percent of its buses, around 1,000, are EV. However, in the next few months, the company is planning to add another 1,000 to 1,200 buses in the next one and a half years. It aims to have a 50 percent EV bus fleet soon.
Demand for EVs is rising
With a surge in awareness about green mobility solutions and the creation of EV charging infrastructure, the demand for EVs has grown substantially in Gujarat and across India. Electric vehicles are being hailed as the future of mass transport, making connectivity faster, easier, and convenient, creating a safer world for future generations.
Tapan Ray, MD and Group CEO, GIFT City, said, “As GIFT City continues to set benchmarks in sustainable development and innovation in the country, the collaboration with Chartered Speed will open a new chapter in green mobility solutions. This is being done keeping the future in mind, where EVs and hybrid vehicles will inevitably revolutionize the way people commute. The collaboration will also enhance connectivity options to and from GIFT City.”
GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). It is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts.
It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements and excellent external connectivity. GIFT City also provides a conducive business ecosystem with ease of doing business, a competitive tax regime, quality of life and many more advantages.