Kerala-based two-wheeler loan company Muthoot Capital Services on Tuesday (March 12) said it has partnered with Greaves Finance Ltd, a wholly-owned subsidiary of Greaves Cotton Ltd.
The collaboration, facilitated through Greaves Finance's EV-focused lending platform ‘evfin,’ aims to enhance the accessibility of financing solutions for electric two-wheelers across the country.
"The collaboration entails a total deal size of up to ₹150 crore ($18 million), highlighting the scale and ambition of the initiative to drive widespread adoption of electric vehicles in India," according to a stock exchange filing.
"Leveraging evfin’s expertise in customised automotive financing based on asset lifecycle management and Muthoot Capital's established presence in the financial sector, this partnership aims to facilitate affordable, customised, and convenient financing options for customers looking to purchase electric two-wheelers," the company said.
Sandeep Divakaran, CEO of Greaves Finance Ltd, said, "We are thrilled to collaborate with Muthoot Capital to introduce this transformative co-lending partnership. This partnership not only underscores our dedication to promoting sustainable mobility solutions but also reaffirms our commitment to providing innovative financing options that cater to the evolving needs of our customers."
Mathews Markose, CEO of Muthoot Capital Services Ltd, said, "We are happy to announce our first venture into an electric two-wheeler partnership, and we are excited to associate with Greaves Finance Ltd. who is a pioneer in this field. I am sure this partnership will be fruitful in driving our purpose of transforming the lives of the common by ensuring their financial wellbeing."
Shares of Muthoot Capital Services Ltd ended at ₹294.55, down by ₹12.95, or 4.21%, on the BSE.
