In the morning trade on March 13, shares of Muthoot Capital Services Limited saw a 3 percent uptick following the company’s revelation of a strategic partnership with evfin, an EV-focused lending platform, aimed at facilitating financing for electric two-wheelers.
According to a regulatory filing, Muthoot Capital highlighted the substantial magnitude of the collaboration, with a total deal size of up to Rs 150 crore ($18 million USD), underscoring the ambitious drive to promote widespread adoption of electric vehicles across India.
As of 9:20 am, Muthoot Capital Services Limited’s stock was observed trading at Rs 296 on the NSE, marking a 2 percent increase from the previous close. However, the stock has experienced a notable decline of over 23 percent in the past three months.
Highlighting the synergies between evfin’s expertise in tailored automotive financing with a focus on asset lifecycle management and Muthoot Capital’s established presence in the financial sector, the partnership aims to offer accessible, personalized, and convenient financing solutions to customers interested in purchasing electric two-wheelers, as stated by the company.
In a joint commitment to bolster the electric mobility ecosystem, Muthoot Capital Services Limited and evfin are dedicated to supporting several electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor. Through strategic partnerships with these prominent OEMs, the initiative aims to provide customers with a diverse range of options, fostering the widespread adoption of electric vehicles across India.
evfin, India’s sole EV-focused non-banking financial company (NBFC), operates as a wholly owned subsidiary of Greaves Cotton Limited, solidifying its position as a key player in the electric vehicle financing sector.
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