Press Release

Mindspace Business Parks REIT pledges 100% shift to electric vehicles by 2030

Mindspace Business Parks REIT, which is backed by K Raheja Corp and Blackstone Group, has committed to a 100 percent electric mobility by 2030.

The company that recently made an impressive stock market debut said the transition would be made by expanding the charging infrastructure for electric vehicles across its business parks in India.

The electric mobility initiative (EV100) would help accelerate a global shift to clean transport and reduce air pollution across its markets in the Mumbai region, Pune, Hyderabad and Chennai.

“Our endeavour under the Climate Group’s EV100 initiative is to fortify our commitment to sustainability, with the best blend of innovation and technology,” said Mindspace Business Parks REIT chief executive officer Vinod Rohira said.

Mindspace REIT portfolio-owned EV vehicles that ferry employees in and around the business parks provide clients a first-hand experience of electric vehicles, encouraging them to make the switch. The whole fleet will go electric by 2030.

With an office portfolio that covers five integrated business parks and five independent offices, Mindspace Business Parks REIT has over 2 lakh employees coming in to work each day, pointing at an opportunity to empower and influence a large populace, the company said.

Mindspace Business Parks REIT has already begun driving EV uptake among its clients by setting up more than 1,000 charging points across its business parks, which can be accessed free of charge.

In 2019, a pilot was launched at the Mindspace Juinagar Business Park in Airoli in the Mumbai Region, with EV infrastructure being set up subsequently across locations.

In the next phase, the company will ramp up the numbers as the portfolio grows, the company said.

Mindspace Business Parks have a tenant base that comprises a mix of multinational and Indian corporates, including affiliates of Accenture, Qualcomm, BA Continuum, JP Morgan, Amazon, Schlumberger, UBS, Capgemini, Facebook, Barclays and BNY Mellon.

Mindspace Business Parks REIT is the first real estate entity from India to join the Climate Group’s global EV100 initiative that brings together nearly 90 international companies committed to making electric transport the new normal by the end of this decade.

The announcement came during the recent Climate Week NYC 2020, a climate summit that showcases action by leading businesses and governments.

“By providing charge points for thousands of its employees, the entity is helping to drive India’s transition to electric mobility, lowering emissions and improving air quality at the same time,” said Divya Sharma, Executive Director- India, Climate Group.

The company that went public in August saw its initial public offering subscribed 13 times and listed at a premium of 11 percent at Rs 304 per unit at a time when the economy has taken a hard knock due to the coronavirus outbreak.

More and more companies are committing to electric vehicles as they face increased scrutiny and concerns over global warming and climate change.

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