Leading NBFC Muthoot Capital Bags Rs.100 Crore Impact Funding for Electric Vehicle Portfolio
Aug 05, 2024
BusinessWire India
Kochi (Kerala) [India], August 5: Muthoot Capital Services Limited (MCSL), one of India's fastest-growing NBFCs and a publicly traded entity of 137-year-old business conglomerate Muthoot Pappachan Group announces its partnership with 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 INR 100 crores, highlighting the significance and commitment of Muthoot Capital in providing sustainable mobility solutions and its efforts in driving the 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 the co-lending route, they plan to grow its own EV book by ~200 crores during FY25.
Thomas George Muthoot, Managing Director of Muthoot Capital & Director of Muthoot Pappachan Group said, "These are exciting times, and I am glad our efforts in driving sustainability initiatives in the country is 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; we will continue to focus on providing sustainable financial solutions to our customer segment in the lower middle-income segment and am sure this partnership will only pave the way for further innovative solutions in the electric vehicle segment from the Company."
Mathews Markose, CEO of 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."
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