KOCHI: Muthoot Capital Services Ltd (MCSL), a Kerala based publicly traded NBFC from Muthoot Pappachan Group, has partnered with UK-based Development Financial Institution for raising long-term debt funds to promote its electric vehicle portfolio.
The collaboration that has been facilitated by Axis Bank entails a deal size of Rs100 crore. The deal is expected to equip MCSL to provide sustainable mobility solutions that can help drive widespread adoption of electric vehicles (EV) in India, especially among the lower middle-income segment.
According to a official statement, the deal is one of the largest partnership deals signed by Muthoot Capital for its sustainability and environmental-led initiatives.
While the company is currently involved in promoting electric vehicles through co-lending route, it plans to grow its own EV book by about Rs200 crore during the financial year 2024-25 (FY25).
Fruitful partnership
Thomas George Muthoot, Managing Director of Muthoot Capital & Director of Muthoot Pappachan Group, said the company’s efforts in driving sustainability initiatives in the country are paving the way for fruitful partnerships.
Electric two-wheeler is gaining momentum in the country and organisations and people alike are embracing the importance of sustainability, according to MCSL.
“We will continue to focus on providing sustainable financial solutions to our customer segment in the lower middle-income group and am sure this partnership will only pave the way for further innovative solutions in the electric vehicle segment from the company,” Thomas George Muthoot said,
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