GEDA approval to sell E-Rickshaws in Gujarat with Rs 48,000 subsidy per unit

Regulatory Product ApprovalBusiness Updates View source PDF Explain this filing

MERCURYEV · price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.6%-2.9% vs market

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AI summary

Mercury EV-Tech got approval from Gujarat Energy Development Agency (GEDA) to market and distribute 11 models of Lithium-ion battery three-wheelers (E-Rickshaws) in Gujarat for 2026-27 and 2027-28. Buyers will get Rs 48,000 subsidy per vehicle. Low-speed models are priced at Rs 3 lakh and high-speed at Rs 5 lakh (ex-showroom, excluding GST). Scheme is effective from May 1, 2026. Company must deposit Rs 5 lakh as refundable security.

Likely market impact

Positive for Gujarat sales. Subsidy of Rs 48,000 per vehicle improves affordability. 11 approved models across low and high speed segments for two years.