Lithium (IFC-40171)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bengaluru
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 7, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
LITHIUM URBAN TECHNOLOGIES PVT LTD
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 7.83 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 9, 2019

Disclosed by Bank Apr 27, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project consists of an IFC equity investment of U$7.83 million in Lithium Urban Technologies Private Limited in India. Lithium Urban Technologies Private Limited provides corporate employee transportation service in Bengaluru and Delhi NCR through Electric Vehicles, DC-Fast charging infrastructure and integrated fleet management technology to other companies. 

The proposed objectives of the project are:

1. The Project aims to help in the avoidance of Greenhouse gas emissions by introducing more Electric Vehicles in urban transport and displacing fuel-based vehicles.

2. IFC anticipates that the Project will help create jobs for about 8,000-10,000 drivers over the next five years.

3. Beyond the Project, the expansion of Lithium will promote sustainability in urban transport by demonstrating the viability and feasibility of EVs in the market.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - LITHIUM URBAN TECHNOLOGIES PVT LTD Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For inquiries about the project

Lithium Urban Technologies Private Limited 
Sanjay A. Krishnan 
Chief Executive Officer 
+91 9686204177 
sanjay@project-lithium.com 
158, 1st Floor, Seetharampalya, Hoodi, Bengaluru, Karnataka 560048 
NA 

For inquiries and comments about IFC

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local access for porject documentation

158, 1st Floor, Seetharampalya, Hoodi, Bengaluru, Karnataka 560048

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works