Kochi, Kerala, India – Business Wire India Muthoot Capital Services Limited (MCSL), one of India’s fastest-growing NBFCs and a publicly traded entity of 137-year-old business conglomerate Muthoot Pappachan Group announces its partnership with UK-based Development Financial Institution for raising long-term debt funds to promote its electric vehicle portfolio.
Facilitated by Axis Bank, the collaboration entails a deal size of INR 100 crores, highlighting the significance and commitment of Muthoot Capital in providing sustainable mobility solutions and its efforts in driving the widespread adoption of electric vehicles in India, especially among the lower middle-income segment. This is one of the largest partnership deals bagged by Muthoot Capital for its sustainability and environmental-led initiatives. While the company is currently involved in electric vehicles through the co-lending route, they plan to grow its own EV book by ~200 crores during FY25.
Mr. Thomas George Muthoot, Managing Director of Muthoot Capital & Director of Muthoot Pappachan Group said, “These are exciting times, and I am glad our efforts in driving sustainability initiatives in the country is paving the way for fruitful partnerships. Electric two-wheeler is gaining momentum in the country and organisations and people alike are embracing the importance of sustainability; we will continue to focus on providing sustainable financial solutions to our customer segment in the lower middle-income segment and am sure this partnership will only pave the way for further innovative solutions in the electric vehicle segment from the Company.” Mr. Mathews Markose, CEO of Muthoot Capital said, “This deal will help us bring unequivocal focus on EV segment in semi-urban, rural markets making it more affordable and convenient for the common man to own an electric vehicle.” About Muthoot Capital Services Limited Muthoot Capital Services Limited (MCSL) is the listed entity of Muthoot Pappachan Group. A Non-Banking Financial Company (NBFC) listed on the BSE and NSE, MCSL offers financial solutions (loans on wheels) for individuals including two-wheeler loans, used car loans and used commercial vehicles. MCSL is active in retail financing and caters to the requirements of borrowers both in rural and semi-urban areas. The company’s direct approach helps arrive at solutions that best suit the financial requirements of individuals and small entrepreneurs. The company is currently servicing customers in 20 states and also sources its customers from Muthoot Fincorp branches, which are spread across the entire country. About Muthoot Pappachan Group Founded in 1887, Muthoot Pappachan Group (MPG) is a significant entity in the Indian business landscape with nationwide presence and tailor-made products and services for its customers.
The group which planted its roots in retail trading, later diversified into various sectors including Financial Services, Hospitality, Automotive, Realty, IT Services, Healthcare, Precious Metals, and Alternate Energy. With Muthoot FinCorp Limited as its flagship company, Muthoot Pappachan Group (MPG) today stands as a formidable presence in India, with a workforce of over 40,000 employees, a vast network of more than 5,200 branches nationwide and Bollywood stars Shah Rukh Khan and Vidya Balan as its brand ambassadors.
Muthoot Pappachan Foundation, the CSR arm of the group facilitates the CSR activities for the entire group companies focusing on Health, Education, Environment and Livelihood (HEEL). (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and takes no editorial responsibility for the same.). PTI PWR PWR
