Mercury Ev-Tech has received approval from the Gujarat Energy Development Agency (GEDA) to market and distribute battery-operated three-wheelers (e-rickshaws) in the state of Gujarat for the financial years 2026-27 and 2027-28. This authorization makes the company eligible for a government subsidy of ₹48,000 per vehicle, a significant financial incentive that is expected to enhance product affordability and competitiveness in the regional market. The approval covers 11 specific models equipped with lithium-ion batteries, categorizing them into low-speed and high-speed variants.

GEDA Approval and Subsidy Details

The approval from GEDA, a Government of Gujarat Organisation, is valid up to March 31, 2028. Under the terms of the BO3W program, the subsidy of ₹48,000 per vehicle will be credited directly to the beneficiary's bank account based on details submitted on the EV Portal. The company is required to deposit a refundable security deposit of ₹5,00,000 via demand draft or bank guarantee valid up to July 30, 2029, to finalize the authorization.

Approved Models and Pricing

GEDA has authorized 11 models for subsidy eligibility, divided into low-speed and high-speed categories. The maximum ex-showroom prices (excluding GST) for these vehicles in Gujarat have been fixed at ₹3,00,000 for low-speed models and ₹5,00,000 for high-speed models. The selection of beneficiaries will prioritize rickshaw drivers, women entrepreneurs, and self-help groups, among others.

Operational Conditions

The company must complete the required procedures, including the security deposit submission, on or before July 30, 2026. Distribution is restricted to authorized dealers who must ensure adequate after-sales service facilities. Subsidy claims under the scheme are effective from May 1, 2026. A separate Letter of Intent (LOI) will be issued for the financial year 2027-28.

Mercury EV-Tech Limited has expanded its retail presence by inaugurating a Signature Showroom at Vadodara-Mumbai National Highway No-48, Near Karjan Toll plaza, Karjan-391243, Vadodara, Gujarat. The facility aims to enhance the company's visibility and customer accessibility in the region. The disclosure regarding this strategic expansion was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The inauguration ceremony was attended by key representatives of the company, including Shri Jayesh Thakkar, Chairman & Managing Director, and Mrs. Artiben Thakkar, Promoter of the company. The event was also graced by Dr. Hemang Joshi, Honourable Member of Parliament, Vadodara, along with other esteemed dignitaries and distinguished guests. The occasion was blessed by the divine presence of Pujya Shri Vrajkumarji Maharajshri, Gadipati Shri Vallabhacharyaji Peeth, Vrajdharm & Founder of VYO.

Event Details

The opening event featured traditional ceremonies and formal addresses. A lamp-lighting ceremony marked the auspicious beginning of the showroom's operations. The gathering included various stakeholders and community members who witnessed the ribbon-cutting ceremony.

Key Attendees

The new showroom is located at a strategic point on the national highway, potentially serving as a significant touchpoint for electric vehicle customers traveling between Vadodara and Mumbai.