Muthoot Capital Partners with UK Financial Institution to Boost Electric Vehicle Portfolio

Muthoot Capital Services Limited (MCSL) has partnered with a UK-based financial institution to raise INR 100 crores for its electric vehicle portfolio, facilitated by Axis Bank. The deal underscores MCSL's commitment to sustainable mobility solutions in India. The company aims to expand its electric vehicle book by approximately 200 crores during FY25.

Kochi, Kerala, India – Muthoot Capital Services Limited (MCSL), part of the 137-year-old conglomerate Muthoot Pappachan Group, has announced an alliance with a UK-based Development Financial Institution to secure long-term debt funding aimed at bolstering its electric vehicle portfolio.

In a transaction facilitated by Axis Bank, Muthoot Capital will raise INR 100 crores, underscoring its dedication to sustainable mobility solutions and promoting electric vehicle adoption among India's lower middle-income segment. This partnership marks a significant milestone for Muthoot Capital's environmental initiatives.

Currently involved in electric vehicle financing via co-lending, Muthoot Capital plans to expand its EV book by approximately 200 crores by FY25. Mr. Thomas George Muthoot, Managing Director, expressed optimism about the partnership's potential to drive innovative solutions within the electric vehicle sector.