Muthoot Capital Services inks pact with evfin for two-wheeler financing; stock slips ~2%

13 Mar 2024 , 01:52 PM

Muthoot Capital Services Limited’s shares rose 3% in early trading on March 13 after the business announced a partnership with evfin, an EV-focused lending platform, for electric two-wheeler financing.

However, later in the day, the counter erased all early morning gains.

At around 1.46 PM, Muthoot Capital Services was trading 1.81% lower at ₹284.45, against the previous close of ₹290.10 on NSE.

The partnership involves a comprehensive agreement with a total value of up to ₹150 Crore (USD 18 million), underscoring the significant scale and ambitious goals of the effort to promote the widespread use of electric vehicles in India. This information was disclosed in a regulatory filing by the company.

The collaboration, which draws on evfin’s expertise in customised automotive financing and asset lifecycle management, as well as Muthoot Capital’s financial sector presence, aims to provide affordable, personalised, and convenient financing options to customers looking to buy electric two-wheelers, according to the company.

Both firms assist several electric two-wheeler manufacturers, such as OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor. According to the programme, by working with top OEMs, it hopes to give clients with a diverse range of alternatives.

evfin is Greaves Cotton Limited’s wholly owned subsidiary and India’s only non-banking financial corporation (NBFC) focusing on environmental issues.

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