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Greaves Cotton inks pact with Acko for EV ownership

11 Jul 2024 , 11:07 AM

Greaves Cotton Limited shares opened at an intraday high of ₹176.89 on the NSE following a partnership announcement with Acko.

Greaves Finance Limited, a wholly-owned subsidiary of the firm, has partnered with Acko, a tech-first insurer, to promote seamless EV ownership in the country.

The agreement under Greaves’ 100% EV-focused lending platform enables cross-selling of ACKO’s offering on the platform, allowing clients to conveniently obtain the most optimum insurance plans and financing, the business informed bourses. Customers will have access to expert finance support and solutions for owning EVs.

The collaboration between EVfin and ACKO aims to reduce the financial burden on EV owners in the event of an accident or hospitalisation. The collaboration would result in new innovative EV-centric products, hastening the adoption of sustainable mobility solutions in India.

PB Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, commented on the partnership, that In FY24, the Electric 2W segment saw a YoY growth of 30%, and they believe that accessible financing and insurance models will push this even further, helping accelerate India’s potential to lead the charge in sustainable mobility.

Given the key challenges to EV adoption, which are cost and battery degradation, it is critical to create an ecosystem that supports reasonable finance and insurance options to encourage people to consider EVs, he noted.

At around 10.14 AM, Greaves Cotton was trading 0.59% higher at ₹172.28, against the previous close of ₹171.27 on NSE. The counter touched an intraday high and low of ₹176.89, and ₹172, respectively.

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