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Gensol Engineering Ltd has bagged an order worth Rs 75 crore to lease out 500 electric cargo vehicles from a logistics firm, a company statement said.

The work order came through subsidiary company Gensol EV Lease Pvt Ltd, Gensol Engineering said in a statement on Thursday.

“Gensol EV Lease bags order for more than 500+ Tata Ace Cargo EVs. This substantial order, valued at Rs 75 crore, is from an all-electric logistics company,” it said.

An initial batch of over 20 electric vehicles (EVs) has already been leased, with the remaining cars to be deployed over the next six months across five states, including Maharashtra, Karnataka, West Bengal, Tamil Nadu and Telangana.

The company is also engaged with customers in the public sector units, last-mile delivery and employee transportation business with a leasing requirement of over 100 electric vehicles.

“These orders mark a significant step towards advancing sustainable mobility through innovative EV leasing solutions. Gensol EV Lease is steadfastly establishing itself as a pivotal player in the EV leasing sector meeting the burgeoning demand for EVs in the years ahead,” the statement said.

Gensol EV Lease Pvt. Ltd, an arm of Gensol Engineering, is an EV-focused leasing solutions provider.

Gensol Engineering Limited is a part of the Gensol Group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.