Greaves Cotton gains ~2% as subsidiary inks pact with NBFC to finance EVs

13 Jun 2023 , 02:06 PM

Greaves Cotton’s counter jumped up to 2% on June 13 after the company announced a partnership with Bike Bazaar Finance to provide flexible financing options for its electric three-wheeler portfolio.

Greaves Electric Mobility Private Limited (GEMPL), Greaves Cotton’s electric vehicle arm, has entered into an agreement with Bike Bazaar Finance, an RBI-registered nonbanking finance company that specializes in retail financing of used and new vehicles.

At around 1.58 PM, Greaves Cotton was trading 1.52% higher at Rs 136.70, against the previous close of Rs 134.65 on NSE. The counter touched an intraday high and low of Rs 138.20 and Rs 136.05 respectively.

Bike Bazaar Finance will finance GEMPL’s ELE-branded L3 electric vehicles under the terms of the agreement. This collaboration will begin in Uttar Pradesh and Bihar, with plans to expand nationwide in the near future.

According to the company, this partnership between GEMPL and Bike Bazaar Finance will be advantageous for both parties involved, as well as for customers. As part of this collaboration, customers will have the opportunity to secure a loan of up to 85 percent of the total on-road price.

With a history spanning over a decade, GEMPL is an established company that operates in the electric 2-wheeler and 3-wheeler sectors. Within the electric 2-wheeler market, the company specializes in manufacturing vehicles under the brand name ‘Ampere’.

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