Muthoot Capital Services Limited (MCSL) has entered into a partnership with a UK-based Development Financial Institution for raising long-term debt funds to promote its electric vehicle portfolio.
Facilitated by Axis Bank, the collaboration entails a deal size of ₹100 crore in providing sustainable mobility solutions and its efforts in driving widespread adoption of electric vehicles in India especially among the lower middle-income segment.
This is one of the largest partnership deals bagged by Muthoot Capital for its sustainability and environmental-led initiatives. While the company is currently involved in electric vehicles through co-lending route, they plan to grow its own EV book by ₹200 crore during FY25, a press release said.
Thomas George Muthoot, Managing Director of Muthoot Capital & Director of Muthoot Pappachan Group said, electric two-wheeler is gaining momentum in the country and organisations and people alike are embracing the importance of sustainability. “We will continue to focus providing sustainable financial solutions to customers in the lower middle-income segment. I am sure this partnership will only pave way for further innovative solutions in the electric vehicle segment from the company,” he said.
Mathews Markose, CEO Muthoot Capital said, “This deal will help us bring unequivocal focus on EV segment in semi-urban, rural markets making it more affordable and convenient for the common man to own an electric vehicle.”