Greenline Raising Additional $1 Billion to Expand Green Fleet

GreenLine Mobility Solutions, a logistics company supported by the Essar Group, is in the process of raising $275 million in equity from its promoters and investors, including Nikhil Kamath, co-founder of the online trading platform Zerodha, although the valuation remains undisclosed. This funding is part of a larger initiative to secure $1 billion in new investments, reflecting GreenLine's goal to provide more environmentally friendly logistics options.

Based in Mumbai, GreenLine currently operates a fleet of 650 LNG trucks in India and plans to expand to 10,000 heavy-duty vehicles in the coming years, utilizing liquefied natural gas (LNG) and electricity as fuel sources.

Anshuman Ruia, a director at Essar, stated, “This investment in decarbonizing road logistics aligns with Prime Minister Narendra Modi’s e-drive initiative,” emphasizing that India’s vision for a low-carbon future is becoming a reality, with GreenLine leading the charge.

The company’s LNG trucks are being sourced through a partnership with Iveco, an Italian manufacturer, in collaboration with its associate company, Blue Energy Motors. To facilitate this transition, another associate company plans to establish 100 LNG refueling stations, along with electric vehicle (EV) charging points and battery-swapping facilities.

This initiative is part of a broader effort to create low-emission transport infrastructure, as both India and China encourage freight operators to move away from diesel. In China, the proportion of LNG trucks in the heavy-duty fleet exceeded 9% in 2024, following a peak in diesel truck sales in 2021. A similar transition is anticipated in India, supported by official policies favoring greener transportation.

GreenLine asserts that its services are competitively priced compared to diesel hauliers, enabling clients to reduce emissions without incurring additional costs, potentially allowing them to earn carbon credits in the process.

Anand Mimani, the CEO of GreenLine, remarked that the company is “building the backbone of sustainable logistics” by developing the necessary infrastructure for a transition away from fossil fuels. “With our nationwide network, we are facilitating the logistics ecosystem's shift to cleaner, more efficient alternatives,” he added. Kamath, who has invested $20 million in GreenLine, believes that this transformation is long overdue, stating, “Green mobility isn’t just a trend—it’s inevitable.”