Indian bus maker PMI Electro Mobility Solution plans to invest 500 crore rupees ($67.8 million) in Uttarakhand to build infrastructure and other support systems for electric vehicles (EV).
The company signed an agreement for the proposed investment with the state government during the two-day investor summit at Dehradun.
The company said that the memorandum of understanding is a first step towards reducing pollution in the hill state. Under the agreement, it plans to invest $67.8 million for plying 500 electric buses and developing associated charging infrastructure.
PMI Electro Mobility Solution plans to be a zero-emission commercial vehicle manufacturer within the next five years.