Muthoot Capital Services added 2.19% to Rs 324.45 after the NBFC said that it has partnered 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 Rs 100 crore, highlighting the significance and commitment of Muthoot Capital in providing sustainable mobility solutions and its efforts in driving widespread adoption of electric vehicles in India especially among the lower middle income segment.
While the company is currently involved in electric vehicles through co lending route, it plans to grow its own EV book by nearly 200crore during FY25.
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.
Muthoot Capital Services (MCSL) is the listed entity of Muthoot Pappachan Group. The non-banking financial company (NBFC) offers financial solutions (loans on wheels) for individuals including two-wheeler loans, used car loans and used commercial vehicles. MCSL is active in retail financing and caters to the requirements of borrowers both in rural and semi-urban areas.
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