Mirae Asset Investment Managers (India) has launched what it claims is India’s first Exchange Traded Fund (ETF) focused on the electric vehicles (EV) and ‘New Age Automotive’ segment. 

The open-ended scheme christened ‘Mirae Asset Nifty EV and New Age Automotive ETF’, is replicating/tracking Nifty EV and New Age Automotive Total Return Index that aims to offer investors with long-term capital appreciation opportunities by investing in equity of companies that are at the forefront of the dynamic and rapidly evolving automotive sector and the entire value chain.

The index will seek to capture companies participating in emerging segments like electric vehicles, hybrid vehicles and battery manufacturing among others across sectors and market cap segments, but will also intend to capture initiatives and possibly future disruptions like hydrogen-fuel cell and autonomous vehicles among others.

The New Fund Offer (NFO) for Mirae Asset Nifty EV and New Age Automotive ETF will open for subscription on June 24, 2024 and close on July 05, 2024. The scheme will be managed by Ekta Gala and Akshay Udeshi.

A minimum initial investment during NFO will be INR 5,000 with subsequent investments being multiples of INR 1.

Swarup Anand Mohanty, Vice-Chairman & CEO, Mirae Asset Investment Managers (India) said, “With the launch of India’s first ETF focused on the electric vehicles and new age automotive segment, we aim to offer investors a unique opportunity to participate in the future of mobility. We aim to provide avenues for long-term capital appreciation while supporting sustainable development in the automotive sector. This ETF underscores our commitment to innovation and aligning investment opportunities with evolving market trends.”

Siddharth Srivastava, Head-ETF Products, Mirae Asset Investment Managers (India) added, “This product aims to capture the potential of India’s dynamic automotive industry. By investing in companies leading the charge in EV and new automotive technologies across the value chain, this new ETF will offer investors exposure to the innovative and rapidly evolving ecosystem in this space. With a focus on both global and domestic themes, this product adds value to our lineup of exclusive offerings providing investors with diversified opportunities in the electric vehicle and new-age automotive segment”

The organization says that in addition to targeting leading-edge companies, the ETF’s portfolio will also include companies that have received Production Linked Incentives (PLI) in the automobile and battery segments, and those who participated in industry initiatives such as Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME).

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Eicher Trucks and Buses, part of VE Commercial Vehicles (VECV), has completed a journey from Kashmir to Kanyakumari using its Eicher Pro X EV.

The record verified by the India Book of Records (IBR), saw the electric vehicle cover over 4,000 kilometres in 6 days under loaded conditions. The run commenced in Srinagar on 20 January 2026 and concluded in Kanyakumari on 26 January 2026, traversing the Himalayas, plains and the Deccan Plateau.

Throughout the expedition, the vehicle utilised public chargers located via the MyEicher App. An adjudicator from the India Book of Records accompanied the truck to monitor route compliance, load, distance and charging stops. The mission served as a demonstration of electric vehicle endurance across diverse altitudes and climates to validate the technology for logistics corridors.

The journey was intended to show that electric commercial vehicles can operate beyond short-haul deliveries. By maintaining performance across hilly and coastal routes, the Pro X EV aimed to establish total cost of ownership (TCO) benefits and maintenance predictability for fleet operators. The successful completion of the route suggests that current charging infrastructure can support long-haul electric freight movement.

Vinod Aggarwal, MD & CEO, VE Commercial Vehicles, said, “For more than four decades, Eicher trucks and Buses have earned customer trust through leadership in fuel efficiency and application-specific engineering. The record-setting performance of the Eicher Pro X reinforces our unwavering focus on application excellence, reliability, and performance, anchored in robust product development and manufacturing capabilities, and enabled by a customer-centric, pan-India commercial and dealer network. I commend the entire Eicher team for achieving these well-deserved records”.

SS Gill, Chief Commercial Officer, VE Commercial Vehicles, said, “By covering the K2K route with a loaded Pro X EV, Eicher Trucks & Buses has proven that electric mobility is no longer restricted to short-haul, ‘last-mile’ deliveries. We are not just setting records, but through the strength of our service network and extensive dealer set-up, we are demonstrating that our EV technology is commercially viable, reliable, and has the range to serve as the backbone of India’s green logistics corridors”.

Abhishek Chaudhary, SVP – SCV Sales & Marketing, VE Commercial Vehicles, said, “The Eicher Pro X EV was put to the ultimate test – covering over 4000 kilometres across diverse climates and challenging altitudes. With this recognition from the India Book of Records we’ve moved beyond our own stringent testing benchmarks to real-world validation - Demonstrating that Eicher Pro X EV is a dependable partner for logistics movement across varied operations in India”.

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Montra Electric, the electric medium and heavy commercial vehicle business of the Murugappa Group, has become the first manufacturer in India to receive certification for heavy-duty electric trucks under the government's PM E-Drive Scheme.

To mark the achievement, the company delivered a Rhino 5538 EV 6x4 Tractor trailer to UltraTech Cement. The handover took place in the presence of Arun Murugappan, Chairman of Montra Electric and Sathia Raj, Chief Procurement Officer of UltraTech Cement.

The PM E-Drive scheme includes a budget of INR 5 billion specifically for electric trucks, providing a benefit of up to INR 960,000 per vehicle for the Rhino 5538 EV. This incentive is intended to lower operating costs and reduce exposure to fuel price volatility for fleet operators in the logistics, mining, and manufacturing sectors. The Rhino 5538 EV range is designed for Indian conditions and is available in 6x4 and 4x2 variants.

The Rhino 5538 EV 4x2 variant features a 282 kWh LFP battery that produces 380 HP and 2000 Nm of torque. It offers a range of approximately 198 km under standard test conditions and supports six-minute battery swaps. These specifications suit the vehicle for high-utilisation applications in ports, steel plants, and cement logistics.

H D Kumaraswamy, Union Minister for Heavy Industries, said, "The PM E-Drive scheme is a testament to the growing prowess of Indian innovation in the heavy-duty electric vehicle segment. Under the visionary leadership of Prime Minister Narendra Modi, we are committed to decarbonizing our logistics and making India a global hub for EV manufacturing. Electric trucks are pivotal to our Net Zero goals, and by fostering a self-reliant ecosystem through such certifications, we are driving the spirit of Atmanirbhar Viksit Bharat. We are very happy to see our Prime Minister’s vision coming to life with the 1st PM E-Drive certified heavy duty electric truck from 'Montra Electric' getting delivered today."

Arun Murugappan, Chairman, Montra Electric, said: “Decarbonising freight is one of the most critical challenges in India’s energy transition. We are grateful to the Government of India and our Prime Minister Narendra Modi for introducing forward-looking and progressive policy frameworks such as the PM E-Drive Scheme, which represent a welcome and transformative step in accelerating this shift, particularly in heavy commercial vehicles where emissions intensity is high. At Montra Electric, we are proud to contribute to this national mission by delivering technologically advanced, reliable, and scalable electric M&HCV solutions that can drive meaningful and lasting change in India’s mobility ecosystem.”

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Chartered Speed and EKA Mobility have received a Letter of Confirmation of Quantity (LOCQ) to deploy 1,750 electric buses in Bengaluru under the PM E-Drive Scheme. This allocation accounts for approximately 39 percent of the city's total planned induction of 4,500 electric buses. The initiative is part of the Bengaluru Metropolitan Transport Corporation effort to expand its network in line with the decarbonisation roadmap of the Government of India.

The partnership combines the operational services of Chartered Speed with the vehicle manufacturing and technology of EKA Mobility. Operational protocols for the fleet include maintenance, battery monitoring, and driver training. Chartered Speed has stated its intention to transition 25 percent of its total fleet to electric power by Fiscal 2027.

The deployment aims to support public transport infrastructure in the region through investments in charging and maintenance facilities. Bengaluru is currently expanding its electric transport capacity to meet state mobility targets. The project focuses on providing urban transport solutions for the city's commuter base while reducing the carbon footprint of the public system.

Sanyam Gandhi, Whole-Time Director, Chartered Speed, said,  “Bengaluru is a key mobility hub in India, and electric buses are part of the efforts to build a cleaner and more efficient public transport system. The PM E-Drive allocation strengthens Chartered Speed Limited’s long-term commitment to sustainable mass mobility. As one of the early adopters of e-mobility, we aim to convert around 25% of our fleet to electric by Fiscal 2027, supported by strong infrastructure investments to deliver commuter-centric services aimed at lasting socio-economic impact.”

Rohit Srivastava, Business Head & Chief Growth Officer, EKA Mobility, added, “The PM E-Drive initiative is a powerful enabler of India’s electric mobility vision, and Bengaluru’s large-scale adoption of electric buses sets a strong benchmark for urban transport transformation. At EKA Mobility, we are proud to partner with Chartered Speed and contribute to Bengaluru’s journey towards a more sustainable urban future. It is not just about scale, but about creating cleaner mobility solutions, quieter streets, and a better daily commute for millions.”

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Suzuki Motor Corporation and its subsidiary, Suzuki R&D Centre India (SRDI), have inaugurated the Banas Suzuki Biogas Plant in Bhukhala, Gujarat. The facility, which opened on 18 January 2026, is the second such plant following the Agthala site that commenced operations in December 2025.

The plant is designed to process up to 100 tonnes of cow dung per day to produce approximately 1.5 tonnes of biogas. This output is equivalent to the daily fuel requirements of 850 compressed natural gas (CNG) vehicles. In addition to fuel production, the facility will sell organic fertiliser generated as a byproduct of the process.

The project is part of an agreement signed in September 2023 between SRDI, the National Dairy Development Board (NDDB) and Banas Dairy. The partners have agreed to construct a total of five biogas plants in the region. The Bhukhala site covers an area of 27,000 square metres and forms a component of Suzuki’s strategy to support carbon neutrality in India.

The use of biogas serves as a carbon-neutral alternative for CNG vehicles, which currently represent 20 percent of the Indian passenger car market. Beyond emission reductions, the initiative is intended to improve energy self-sufficiency and increase rural income through the purchase of cattle waste from local farmers.

The opening ceremony was attended by Acharya Devvrat, Governor of Gujarat and Shankar Chaudhary, Chairman of Banas Dairy and Speaker of the Gujarat Legislative Assembly. Representing Suzuki was Kenichiro Toyofuku, Managing Officer and Executive General Manager of Biogas Operations.

The company stated that it will continue to develop its biogas business to contribute to national growth and environmental targets. The operation is expected to create jobs within the district while providing fuel for high-demand vehicle segments.

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