GreenLine lines up additional $1 billion to expand its greenfleet

GreenLine Mobility Solutions, a logistics firm backed by the Essar Group, is raising $275 million in equity from promoters and investors, including Nikhil Kamath, co- founder of online stock-trading platform Zerodha, at an undisclosed valuation.

The Mumbai-based firm, which currently operates a fleet of 650 LNG trucks in India, aims to scale up to 10,000 heavy-duty vehicles over the next few years, powered by liquefied natural gas (LNG) and electricity. The $1 billion fresh investment including equity reflects GreenLine’s ambition to offer greener logistics alternatives to Indian firms.

“This investment in decarbonising road logistics aligns with Prime Minister Narendra Modi’s e-drive initiative,” said Anshuman Ruia, a director of Essar, adding “India’s vision for a low-carbon future is taking shape, and GreenLine is proud to be at the forefront.”

Its LNG trucks are being sourced through a technical and equity tie-up with Iveco, an Italian manufacturer from an associate company.

To support this transition, an associate company will establish 100 LNG refuelling stations, along with electric-vehicle (EV) charging points and battery-swapping facilities. The move is part of a wider push to provide low-emissions transport infrastructure. Both India and China are nudging freight operators away from diesel. In China, the share of LNG trucks rose to more than 9 per cent of the heavy- duty fleet in 2024, following a peak in diesel truck sales in 2021. A similar shift is expected in India, where official policy favours greener transport.

GreenLine claims its services are cost-competitive with diesel hauliers. That, it argues, allows clients to lower emissions without paying a premium, potentially earning them carbon credits in the process.

Anand Mimani, GreenLine’s chief executive, said the company is “building the backbone of sustainable logistics” by rolling out the infrastructure necessary for a shift away from fossil fuels.

“With our nationwide network, we are enabling the logistics ecosystem to move seamlessly to cleaner, more efficient alternatives,” he said.

Kamath, who invested $20 million in GreenLine, believes the transformation is overdue. “Green mobility isn’t just a trend—it’s inevitable,” he said. “More companies need to take the leap. This shift is happening— with or without you.”

With more than 4 million diesel trucks still on Indian roads, freight transport remains one of the country’s dirtiest sectors, accounting for nearly 15 per cent of total carbon emissions. GreenLine says its efforts are aligned with India’s goal of cutting greenhouse gas emissions by 30 per cent by 2030. Its current fleet, serving clients in FMCG, e-commerce, mining, cement, oil, gas and chemicals, has already logged 38 million kilometres and avoided 10,000 tonnes of carbon-dioxide emissions. The firm hopes its expanded operations will help slash 1 million tonnes of emissions annually.

Eyeing eco-friendly future

• Associate firm to invest in EV, LNG truck manufacturing

• LNG pumping stations with EV charging stations to be set up across India

• Company to offer same rates to clients as diesel powered heavy duty trucks
• High potential as India is far behind in LNG/EV heavy duty trucking, EV charging infrastructure compared to China