Case studyMobility & Logistics
Structuring a 12,000-vehicle EV fleet across nine states
We advised a mobility operator on separating asset ownership from operations to unlock financing and state incentives while keeping driver arrangements defensible.
- 12,000
- Vehicles
- 9
- States
- ₹880cr
- Debt unlocked
Three constraints, one structure
Lenders wanted a ring-fenced asset entity. State incentive schemes required local registration and ownership tests. Driver arrangements needed to survive a classification challenge. Each pulled the structure a different way.
The design
A battery-and-vehicle SPV leasing to an operating company, with state-level subsidiaries where incentives demanded them, and a driver-partner framework rewritten around genuine flexibility rather than the appearance of it.
Outcome
Financing closed on asset-backed terms, incentives were claimed in seven of nine states, and a subsequent labour inspection in the largest market closed without adverse finding.
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