Revving Up EV Adoption: Greaves Finance and Muthoot Capital’s Innovative Partnership

In a landmark move, Greaves Finance Limited, a non-banking financial company (NBFC) and subsidiary of Greaves Cotton Ltd., has joined forces with Muthoot Capital Services Limited (MCSL), one of India’s fastest-growing NBFCs. Their partnership aims to revolutionize electric vehicle (EV) financing in India, particularly for two-wheelers, through a pioneering co-lending arrangement.

Driving Sustainable Transportation

The collaboration, with a total deal size of up to Rs 150 crores ($18 million), underscores both companies’ commitment to accelerating the adoption of sustainable transportation alternatives. With the demand for EVs soaring in India, this partnership couldn’t have come at a better time.

Facilitating Affordable Financing

The partnership leverages evfin’s expertise in customised automotive financing and Muthoot Capital’s established presence in the financial sector. Together, they aim to provide affordable, customised, and convenient financing options for customers looking to purchase electric two-wheelers. This move aligns perfectly with the evolving needs of consumers seeking eco-friendly mobility solutions.

Strengthening Financial Inclusion

Speaking on the collaboration, Sandeep Divakaran, CEO of Greaves Finance Ltd., expressed excitement about introducing this transformative co-lending partnership. He highlighted the partnership’s dual focus on promoting sustainable mobility solutions and providing innovative financing options to customers.

Mathews Markose, CEO of Muthoot Capital Services Limited (MCSL), echoed these sentiments, emphasizing their commitment to transforming lives through financial well-being. He highlighted the significance of two-wheelers in Indian households, especially in the lower middle-income segment, and how partnerships like these can benefit customers.

Supporting Leading Electric Two-Wheeler Manufacturers

Both companies are committed to supporting a diverse range of renowned electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor. This collaboration not only provides customers with a wide array of options but also fosters innovation in the electric vehicle sector.

As of 11:25 am, the stock reached a peak of 307 before settling at Rs 291.05, reflecting a modest gain of 0.33%.

Shaping the Future of Mobility

By providing comprehensive financing solutions for electric two-wheelers, Greaves Finance and Muthoot Capital are poised to play a pivotal role in shaping the future of mobility in India. Their partnership exemplifies a forward-thinking approach towards sustainable transportation and financial inclusion.

Conclusion

In conclusion, the partnership between Greaves Finance and Muthoot Capital represents a significant step towards promoting sustainable transportation alternatives in India.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.