Mercury EV-Tech Secures GEDA Approval for E-Rickshaws in Gujarat; 11 Models Eligible for ₹48,000 Subsidy

In a significant stride toward green mobility, Mercury EV-Tech Limited has officially received approval from the Gujarat Energy Development Agency (GEDA), a Government of Gujarat organization, to market and distribute its battery-operated three-wheelers (E-Rickshaws) across the state.

Key Highlights of the Strategic Authorization

The authorization under the GEDA BO3W program spans a two-year period, covering the financial years 2026-27 and 2027-28, with validity extending up to March 31, 2028. As part of this green initiative, individual and institutional buyers purchasing approved Mercury EV-Tech models will benefit from a direct government subsidy of ₹48,000 per vehicle. The subsidy claims are effective retroactively from May 1, 2026.

To formalize this agreement, Mercury EV-Tech is required to submit a refundable security deposit of ₹5,00,000 via Demand Draft or Bank Guarantee, which must remain valid until July 30, 2029. The deadline for completing the authorization formalities is set for July 30, 2026.

Approved Models and Pricing Details

A total of 11 advanced models equipped with Lithium-ion batteries have been officially approved by GEDA following type certifications from ARAI/ICAT. The approved lineup represents a healthy mix of both low-speed and high-speed options, structured under specific maximum ex-showroom price caps (excluding GST and accessories):

Low-Speed Category (Capped at ₹3,00,000): This segment features six distinct models designed for efficient urban transit: Tejashvi Plus, Tejashvi Neo Plus, Voltus Plus (allotted a target of 25 units), Voltus Leo Plus, Voltus Green Plus, and Voltus Green Leo Plus.

High-Speed Category (Capped at ₹5,00,000): This segment includes five robust variants tailored for higher performance: Limosa, DODO, DODO Plus, Kala Ghoda, and Kala Ghoda Clean.

Implementation Guidelines and Target Beneficiaries

Aligned with the Government Resolution issued by the Climate Change Department on April 28, 2026, the distribution framework prioritizes social inclusivity and clean transit. Priority for vehicle allocation will be given to traditional rickshaw drivers, women entrepreneurs, young startup innovators, non-profit organizations, institutions managed by women, Self-Help Groups (SHGs), pilgrimage centers, religious places, tourist destinations, and local self-government institutions.

To ensure transparent operations, GEDA will invite applications from beneficiaries through a dedicated online EV portal, where Mercury EV-Tech's contact details, model prices, and required documentation will be hosted. The E-Rickshaws must be distributed strictly through authorized dealers who maintain adequate after-sales service facilities. Once verified on the portal, the ₹48,000 subsidy will be credited directly into the bank accounts of the respective beneficiaries. Looking ahead, a separate Letter of Intent (LOI) will be issued to the company for the subsequent 2027-28 fiscal year to ensure seamless continuity.

Shares of Mercury EV-Tech Limited was last trading in BSE at Rs. 35.78 as compared to the previous close of Rs. 35.79. The total number of shares traded during the day was 9426 in over 109 trades.

The stock hit an intraday high of Rs. 36.00 and intraday low of 35.00. The net turnover during the day was Rs. 335096.00.

Source : Equity Bulls

Keywords

MercuryEVTech INE763M01028 GEDA Approval ERickshaws Subsidy