Axis Bank Funds Muthoot for E-Mobility Push

30 Sep 2024 , 01:16 PM

Axis Bank, a private sector lender, has granted a loan guarantee of Rs 1 billion to non-bank lender Muthoot Capital in collaboration with GuarantCo, a member of the Private Infrastructure Development Group.

This will enable the NBFC to lend to customers in rural and non-metro areas of India for the purchase of electric two-wheelers.

“By promoting the adoption of electric vehicles, we are working to reduce emissions, improve air quality, and provide affordable and accessible transportation solutions nationwide,” said Rajiv Anand, Deputy Managing Director at Axis Bank.

“We have deliberately increased our collaborations and engagements with EV dealers, manufacturers, and other stakeholders, and we will continue to do so. This collaboration not only helps to construct green infrastructure in India, but it also coincides with our overall objective of fostering an inclusive future in which sustainable practices benefit all segments of society.”

GuarantCo has supplied Axis Bank with a 65 percent on-demand credit guarantee for this transaction, which is part of a larger $200 million electric vehicle (EV) framework deal negotiated between GuarantCo and Axis Bank.

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