Piaggio Vehicles (PVPL), a wholly owned subsidiary of Italy's Piaggio Group, has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) Lucknow circle. The strategic partnership is designed to leverage the Uttar Pradesh Government’s CM Yuva Yojna, a flagship initiative targeting employment and self-reliance for 150,000 youth across the state through small business ownership.

The agreement was signed by Amit Sagar, Executive Vice-President for CV Domestic Business and Retail Finance at PVPL and Vibhash Kumar, Deputy General Manager at SBI.

Under the collaboration, SBI’s network of over 1,600 branches across central and eastern Uttar Pradesh will provide retail financing solutions for Piaggio’s entire three-wheeler portfolio, encompassing both Internal Combustion Engine (ICE) and Electric Vehicle (EV) platforms.

The credit structure, operating under the combined guidelines of the state-level CM Yuva Yojna and federal Mudra schemes, targets eligible youth entrepreneurs aged 25–40 years. The partnership introduces financial terms to lower the total cost of ownership:

• Interest Structure: zero percent interest loans enabled by a 100 percent government interest subsidy.
• Loan-to-Value Ratio: Funding coverage spanning 85 percent to 90 percent of the total vehicle cost.
• Repayment Profile: A fixed four-year repayment tenure with no external guarantor requirements.
• Capital Incentives: Full refund of the initial margin money upon successful completion of the loan repayment cycle.

To streamline the onboarding process, Piaggio India will set up dedicated CM Yuva Help Centres across its authorised dealership network in Uttar Pradesh. These walk-in centres are designed to offer application guidance, documentation verification, and direct financing coordination within the showrooms.

Amit Sagar, said, “India’s mobility landscape is evolving rapidly. From small entrepreneurs to fleet operators, a new class of owners is emerging, and they need financing that understands their realities. Through this partnership, Piaggio India and State Bank of India are bringing together the strength, trust, and reach of two respected institutions to make vehicle ownership simpler, faster, and more accessible. By leveraging the Uttar Pradesh Government’s CM Yuva Yojna which offers eligible young entrepreneurs 0% interest free financing, government-backed subsidies, and simplified access to business ownership; we are creating meaningful opportunities for self-employment and enterprise development at scale. This initiative goes beyond vehicle financing; it is about enabling aspirations, fostering entrepreneurship, and contributing directly to employment generation for the youth of Uttar Pradesh. Piaggio India remains committed to supporting inclusive economic progress through practical, sustainable, and accessible mobility solutions.”

Vibhash Kumar, added, “This collaboration combines SBI’s trusted financial capabilities and extensive network with Piaggio’s established leadership in the three-wheeler segment to create meaningful livelihood opportunities for aspiring entrepreneurs across Uttar Pradesh. Through CM Yuva Yojna, we are committed to supporting youth-led enterprise by making affordable financing widely accessible, thereby strengthening self-employment, last-mile connectivity and long-term economic development.”

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Energy In Motion has signed a strategic memorandum of understanding with Oil Field Warehouse & Services and Radiance Green Mobility to deploy 500 electric heavy commercial vehicles across freight corridors in India.

The initial rollout will begin in October 2026 with 50 vehicles on the Mumbai–Pune route. The deployment will later expand across the Mundra–Morbi–Ahmedabad and Mumbai–Delhi corridors as Energy In Motion completes its battery-swapping network along these routes.

As per the agreement, Energy In Motion will supply the vehicle, battery-swapping and charging infrastructure, while Oil Field Warehouse & Services and Radiance Green Mobility will manage commercial operations and fleet deployment. Energy In Motion's lineup includes the Ashwa 55-tonne electric tractor and a 350-kWh battery variant.

Narendra Murkumbi, Managing Director, Energy In Motion, said, “This is a landmark partnership for EIM as OWS and Radiance already command large cargo movement on these key transport corridors. We will deliver heavy electric freight movement at a cost significantly below diesel transport costs besides the benefits of sustainability and freedom from dependence on imported oil.”

Pankaj Surani, Managing Director, Oil Field Warehouse & Services, said, “OWS has always been a pioneer in the fields that it has entered and is known for the industry leading benchmarks that it sets with its service quality. This partnership is yet another step taken with our pioneering spirit wherein we aim to develop the first of its kind dedicated electrified freight corridors that are not only efficient and cost competitive but are also sustainable.”

Vineet Sharma, Director and CFO, Oil Field Warehouse & Services, said, “When we looked at the data from our trials, it was clear that not only was electrification of our fleet viable now, moving away from a pure diesel fleet would help us achieve a more predictable cost structure that is not so easily disrupted by global events outside our control. This predictability in turn allows us to enter into a long-term contract with our customers who have a clear visibility on costs from a reliable service partner. We therefore look at this partnership with EIM as a strategic advantage that we will be building on in the coming years.”

Vitthal Wable, Director, Radiance Green Mobility, said, "We at Radiance Green Mobility are excited to extend our Heavy Commercial EV partnership with EIM beyond the port ecosystem to India’s key freight corridors. As early movers, we aim to accelerate sustainable logistics at scale, building on the proven ICE fleet expertise of our parent company, Jyothi Transport & Freight Services, and complementing it with a strong EV rollout in key freight corridors across India."

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The Climate Pledge, co-founded by Amazon, has launched SUPEREV, a mobile application intended to accelerate commercial electric vehicle adoption in India. Developed alongside energy technology company Pulse Energy, the platform aggregates procurement, charging, financing, leasing and renewable energy sourcing into a single system.

The application follows a trial period with commercial operators and provides access to 20,000 charging points managed by over 85 operators, covering approximately 75 percent of the national charging network. Initial fleet partners on the platform include Blueline, Astranova and Athena, alongside vehicle, financing and leasing suppliers.

SUPEREV was created to support JOULE, a joint action project led by The Climate Pledge to aggregate demand across commercial transport sectors. The platform is also testing integration with the Ministry of Power's India Energy Stack, aiming to match charging demand directly with local renewable energy generators, including solar producers.

Karan Chugh, Director of Operations, Amazon India, said, “Accelerating EV adoption requires industry to move together. SUPEREV builds on Amazon and The Climate Pledge’s broader efforts to support electric mobility in India, including initiatives to expand charging infrastructure, advance electric freight and address barriers to commercial EV adoption. By bringing together vehicles, charging, financing, and renewable energy on a single app, SUPEREV takes this collaborative approach further creating a model that could be replicated across emerging markets facing similar challenges.”

The application provides drivers with charging network discovery, session initiation and payment options via the Unified Payments Interface (UPI). Fleet managers can use the system to contract charging services, request locations for charging station installation, arrange vehicle leases, apply for finance and procure renewable energy.

Akhil Jayaprakash, Co-Founder and CEO, Pulse Energy, said, “India has already shown the world what open, interoperable digital infrastructure can do with UPI. SUPEREV brings the same playbook to fleet electrification one app where a driver can charge across 85 networks, a fleet can finance and lease vehicles, and a farmers’ surplus solar can power a delivery van. We built this in collaboration with The Climate Pledge because scaling EV adoption requires better coordination across the different stakeholders and services that enable the transition.”

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Larsen & Toubro’s Construction & Mining Machinery business has entered into a partnership with FAYAT Road Equipment Division India to market BOMAG road milling machines, soil stabilisers and cement spreaders in India. The agreement encompasses marketing, sales, aftersales support and the supply of spare parts.

FAYAT is a France-based construction group and road equipment supplier, while Germany-headquartered BOMAG operates within FAYAT’s Road Equipment Division. The equipment range will join L&T’s current road machinery portfolio, expanding the company’s coverage across road construction, maintenance and infrastructure development applications.

Anil V Parab, Senior Executive Vice-President and Whole-time Director - Manufacturing, Larsen & Toubro, said, “Our Construction & Mining Machinery business has a long history of introducing advanced equipment technologies in India. In fact, we are the pioneers to introduce hydraulic excavators in India. The addition of BOMAG’s specialised road construction equipment further strengthens this legacy.”

“L&T’s nationwide service network, supported by its central warehouse in Nagpur, will help ensure prompt technical support and dependable after-sales service throughout the equipment lifecycle. Together, L&T and FAYAT aim to enhance customer productivity, improve project efficiency and build a strong platform for long-term growth in the Indian market,” added Parab.

Abhijit Som, MD, FRED India, said, “India is a key strategic growth market for the FAYAT Group. As the country advances towards realising its vision of Viksit Bharat by 2047, continued investment in infrastructure will drive demand for advanced, efficient and sustainable road construction solutions. With a legacy spanning several decades and a presence in more than 170 countries, FAYAT is well-positioned to bring its global expertise and technologies to support this growth. The introduction of BOMAG’s specialised road construction technologies in India, combined with L&T’s extensive market reach, deep customer relationships and service infrastructure, creates a compelling synergy. The partnership will enable customers to access advanced and reliable equipment solutions backed by strong local support.”

L&T will manage nationwide product support through its distribution network and central parts warehouse located in Nagpur.

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Bombay Logistics has flagged off a fleet of liquefied natural gas heavy-duty trucks manufactured by Blue Energy Motors for commercial operations in Karnataka. The vehicles will operate in the Toranagallu region to support industrial freight transport for JSW Steel.

The LNG trucks are said to offer up to 20 percent higher fuel efficiency compared to conventional fuel equivalents, reducing carbon intensity across long-haul freight operations.

Thimmaraj Kakarla, Managing Partner, Bombay Logistics, said, “For us, the move to LNG is about finding a practical solution that works on the road and makes commercial sense. The performance and fuel efficiency of the Blue Energy Motors trucks were important considerations, while the Blue Energy Motors team’s support throughout the deployment, from vehicle handover and route planning to on-ground assistance, made the transition seamless. As these trucks begin operations for JSW Steel, we see this as a meaningful step towards improving operating efficiency while reducing the carbon footprint of our freight movement.”

Anand Mimani, CEO of EV and New Energy, Blue Energy Motors, said, “We are pleased to support Bombay Logistics in deploying our LNG trucks for demanding industrial operations. For us, the priority is simple: deliver the performance and reliability the customer needs while making the shift to cleaner freight practical.”

At present, Blue Energy Motors maintains an operational fleet of over 1,400 alternative-fuel trucks across Indian freight corridors. The company says these vehicles have recorded over 100 million kilometres and reduced carbon dioxide emissions by more than 30,000 tonnes.

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