In a strategic move to bolster India’s electric vehicle (EV) manufacturing ecosystem, the International Finance Corporation (IFC) has committed a Rs. 167 crore (approximately $20 million) equity investment in Transvolt Mobility, a subsidiary of battery maker Everest Fleet. The funds will support the construction of a cutting-edge lithium-ion battery and EV assembly facility in the state of Uttar Pradesh. This investment aligns with IFC’s broader climate goals while strengthening India’s growing push for clean energy adoption, domestic manufacturing, and mobility electrification.