Mercury Ev-Tech Limited has received formal approval from the Gujarat Energy Development Agency (GEDA), a Government of Gujarat organisation, for marketing and distributing battery-operated three-wheelers (E-Rickshaws) equipped with lithium-ion batteries in the state of Gujarat during the years 2026-27 and 2027-28.

The approval letter (No. GEDA/BO3W/07/2026/2929 dated July 14, 2026) specifies that individual or institutional owners of the company's three-wheelers will be eligible to receive a subsidy of Rs. 48,000 per vehicle for sales within Gujarat state.

Approved Vehicle Models

The following 11 models have been approved for the subsidy program:

Low Speed Models:

  • Tejashvi Plus
  • Tejashvi Neo Plus
  • Voltus Plus
  • Voltus Leo Plus
  • Voltus Green Plus
  • Voltus Green Leo Plus

High Speed Models:

  • Limosa
  • DODO
  • DODO Plus
  • Kala Ghoda
  • Kala Ghoda Clean

Financial Terms and Conditions

  • Maximum ex-showroom prices (excluding GST) are set at Rs. 3,00,000 for low-speed models and Rs. 5,00,000 for high-speed models
  • The company must deposit a refundable security deposit of Rs. 5,00,000 by demand draft or bank guarantee valid until July 30, 2029
  • The security deposit must be completed by July 30, 2026
  • Subsidy claims under the BO3Ws scheme are effective from May 1, 2026

Operational Requirements

  • Vehicles must be manufactured as per ARAI/ICAT type approval
  • Priority in beneficiary selection must be given to rickshaw drivers, women entrepreneurs, young startup entrepreneurs, non-profit organizations, institutions managed by women or Self-Help Groups (SHGs), pilgrimage centers, religious places, tourist destinations, and capable local self-government institutions as per the Government Resolution of the Climate Change Department dated April 28, 2026
  • Distribution must occur only through authorized dealers with adequate after-sales service facilities
  • GEDA will credit subsidy amounts directly to beneficiaries' bank accounts based on details submitted through the EV portal
  • A separate Letter of Intent will be issued for Financial Year 2027-28

Target Allocation

The approval includes specific target allocations for certain models, with Voltus Plus receiving an allotted target of 25 units.

The authorization is valid until March 31, 2028, subject to acceptance of all terms and conditions and receipt of the security deposit amount.