Mercury Ev-Tech Limited has received 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 during 2026-27 and 2027-28, the company said in a regulatory filing.
According to the filing, buyers of the company’s eligible three-wheelers would be entitled to a subsidy of Rs 48,000 per vehicle under the approval granted by GEDA for sales within Gujarat.
As per the approval letter from GEDA, the company’s offer under the GEDA BO3W programme has been accepted and is valid up to March 31, 2028, subject to the company depositing a refundable lump sum security deposit of Rs 5,00,000 through a demand draft or bank guarantee valid up to July 30, 2029. Eleven of the company’s models, comprising six low-speed variants, including Tejashvi Plus, Tejashvi Neo Plus, Voltus Plus, Voltus Leo Plus, Voltus Green Plus and Voltus Green Leo Plus, and five high-speed variants, including Limosa, DODO, DODO Plus, Kala Ghoda and Kala Ghoda Clean, have been found eligible for the subsidy after ARAI/ICAT type approval, GEDA said.
The GEDA letter stated that an allotted target of 25 vehicles has been fixed, with maximum ex-showroom prices in Gujarat, excluding GST, ranging from Rs 3,00,000 for low-speed models to Rs 5,00,000 for high-speed models. Priority in the selection of individual and institutional beneficiaries will be given to rickshaw drivers, women entrepreneurs, young startup entrepreneurs, non-profit organisations, women-managed institutions or Self-Help Groups (SHGs), pilgrimage centres, religious places, tourist destinations, and capable local self-government institutions, as per a Government Resolution of the Climate Change Department dated April 28, 2026, GEDA said.
The letter added that the three-wheelers will be distributed only through authorised dealers, with adequate after-sales service facilities to be ensured for beneficiaries, and that GEDA may invite online applications from eligible individuals and institutions through the EV portal. Subsidy claims under the BO3W scheme are effective from May 1, 2026, while a separate Letter of Intent will be issued to the authorised manufacturer for the financial year 2027-28, GEDA said, adding that the letter would be treated as a letter of authorisation subject to receipt of the security deposit and completion of the required procedure by July 30, 2026.
