Muthoot Capital Partners with UK Development Financial Institution to Drive Electric Vehicle Growth

Muthoot Capital Services Limited has partnered with a UK-based Development Financial Institution to raise INR 100 crores for promoting electric vehicles in India. Facilitated by Axis Bank, this partnership highlights Muthoot Capital's commitment to sustainable mobility solutions, particularly for lower middle-income segments.

Kochi, Kerala, August 5: Muthoot Capital Services Limited (MCSL), one of India's fastest-growing non-banking financial companies (NBFCs), has announced a significant partnership with a UK-based Development Financial Institution. This collaboration aims to raise INR 100 crores in long-term debt funds to promote MCSL's electric vehicle portfolio.

Facilitated by Axis Bank, the agreement underscores the commitment of Muthoot Capital Services to providing sustainable mobility solutions and advancing electric vehicle adoption in India, particularly among lower middle-income segments. This partnership is one of the largest deals focused on sustainability and environment-led initiatives for the company.

Thomas George Muthoot, Managing Director of Muthoot Capital and Director of the Muthoot Pappachan Group, expressed optimism about the venture. "Our efforts in driving sustainability initiatives in the country are paving the way for fruitful partnerships. Electric two-wheelers are gaining momentum, and we remain focused on providing financial solutions to our customer segment," he said.

Mathews Markose, CEO of Muthoot Capital, added, "This deal will help us bring an unequivocal focus on the EV segment in semi-urban and rural markets, making it more affordable and convenient for the common man to own an electric vehicle."

(With inputs from agencies.)