Cement Manufacturers Association (CMA)

48 7.2 The NHEV–Transvolt Financing Model: A Replicable Template The structural success of the NHEV–Transvolt deployment merits close analysis as a potential template for mining-sector scaling. Key success factors included: (i) a single-window blended finance mechanism aggregating climate finance, VGF, and commercial debt; (ii) rigorous technical piloting prior to commercial scale-up; (iii) long-term off-take contracts providing revenue certainty to fleet operators and comfort to lenders; and (iv) active participation from international development finance institutions (IFC) providing both capital and credibility. Applying this model to mining would require mine operator participation in off- take agreements and adaptation of VGF calculations to account for higher vehicle costs and longer duty cycles. 7.3 International Policy Comparisons Policy Element India Australia Canada Gap Assessment Mining-specific EV mandate None (general AIS-174 only) State-level mandates emerging Provincial underground mandates by 2030 Large – India has no mining mandate Charging infrastructure funding General FAME/EMPS only Mine-site specific programmes Federal and provincial co-funding Large – no mine-site provisions Battery mfg incentive PLI for ACC cells (₹18,100 cr) Limited (import- reliant) Critical Minerals Strategy + IRA- equivalent Medium – India PLI not mine-specific Carbon pricing mechanism Emerging PAT scheme Safeguard Mechanism + state schemes Federal carbon tax (CAD 80/tonne Co ₂ ) Large – India has no carbon price DFI green guarantee Partial (SIDBI, IREDA pilots) Clean Energy Finance Corp Export Dev Canada + BDC guarantees Medium – Indian DFIs scaling Table 8: Mining EV Policy Benchmarking – India vs. Global Leaders 8. Transition Pathways and Strategic Recommendations 8.1 Phase-Wise Transition Framework Given the current state of technology maturity, infrastructure readiness, and policy development, the authors propose a three- phase transition framework for Indian mining electrification. Phase 1 – Foundation (2024–2027): Captive High-Utilisation Deployment • Target captive, high-utilisation mine operations (limestone quarries, captive coal mines) where short haul cycles and guaranteed off-take minimise range and charging risk. • Deploy battery swapping as an interim solution to bypass megawatt-class charging infrastructure constraints for 25–55T class trucks. • Commission 3–5 large-scale pilot programmes with independent, 5-year TCO verification protocols to build the field data banks required for bank financing comfort. • Expand the NHEV VGF mechanism to cover captive mine fleet deployments.