First ever tie-up for Muthoot Capital Services Limited in the EV segment pan India
7-10%finance of TW Electric vehicles
Target to garner 10% of finance share by 2021
Ticket size for EV vehicles will be 30,000 to 35,000
Bengaluru, NFAPost News Service: Muthoot Capital Services Ltd (MCSL), the listed entity of Muthoot Pappachan Group (also known as Muthoot Blue), signed an MoU with Hero Electric, a flagship company of the Hero Eco Group,and a pioneer in the Indian Electric Vehicle industry.
The MoU entails Muthoot Capital Services being a preferred finance partner for the customers of HE two-wheelers and HE and MCSL will undertake activities to jointly promote electric two-wheelers in India.
The industry is in the early stages of evolution in terms of finance and Muthoot Capital intends to use it expertise to promote finance penetration and thereby contribute to the growth of the industry.
Commenting on the alliance, Muthoot Capital Services Ltd Managing Director Thomas George Muthoot said the company is delighted to associate with India’s largest electric two-wheeler company – Hero Electric in our first ever partnership in the electric vehicle segment.
“This is aligned to Government’s vision of ‘future of mobility’, especially in India where two-wheeler penetration is massive, cleaner and sustainable mobility solutions will surely empower the automotive segment. Further, given the increasing enthusiasm around this segment, this partnership aims to make e-2W an accessible option in India,” said Thomas George Muthoot.
Muthoot Capital Services Ltd Chief Operating Officer Madhu Alexiouse said the company is really excited about this partnership and aim to lower the barrier to access tailor made financing options especially for the new-age India. T
“he partnership is in line with the group’s sustainable growth initiatives and promotion of clean energy. We are optimistic that our reach and distribution strength will further catapult India’s transition to e-mobility and bring forth more consumer acceptance. We always look at a direction where we are able to act as a facilitator between one’s aspirations and the opportunities within that ecosystem, this strategic partnership is a step in the same direction,” said Muthoot Capital Services Ltd Chief Operating Officer Madhu Alexiouse.
Hero ElectricVehicles Pvt Ltd Chief Executive Officer Sohinder Gill said Hero ElectricVehicles is glad to have partnered with Muthoot Capital Services Ltd. and are confident that this partnership will definitely help consumers who aspire to own electric two-wheelers.
“Muthoot Capital Services Ltd. has a robust network, especially in the southern part of the country and this association will help Hero Electric to further strengthen its footprint in India,” said Hero ElectricVehicles Pvt Ltd Chief Executive Officer Sohinder Gill.
Muthoot Capital Services Ltd
Muthoot Capital Services Ltd. (MCSL) is the listed entity of Muthoot Pappachan Group and one of the fastest growing NBFCs in the country. A Non-Banking Financial Company (NBFC) listed on the BSE and NSE, MCSL offers financial solutions including Vehicle Loans (2-wheeler and used 4-wheeler loans).
MCSL is active in retail financing and caters to the requirements of borrowers both in rural and semi-urban areas. The Company’s simple customer-centric & tech-driven approach helps arrive at solutions that best suit the financial requirements & lifestyle of the masses. The Company, being a deposit taking ‘Category A’ NBFC, also accepts deposits from public at attractive rates of interest.
The company is currently servicing its customers through 8,000 plus Group’s own branches and automotive-dealer outlets, across the country.It has a strong presence with both Hero Motocorpand Honda Motors, which together contribute more than 75 % of the total two-wheeler business, in India.
MCSL is also sourcing its customers form the Muthoot Fincorp (MFL) – Group’s flagship NBFC – branches which is close to 3,600 strong and spread across the entire country with around 100,000 customers transacting at these branches every day. Together with MFL & MCSL and other Group Financial Services companies, the Group has a pool of around Five Million active & loyal customer base
Muthoot Pappachan Group (MPG also known as the Muthoot Blue Group), the much-diversified business conglomerate has been providing solutions, services and expertise to millions of customers across the country in various domains like financial services, automotive, realty, hospitality, IT and alternate energy.
Over the years, Muthoot Pappachan Group has grown to become a significant entity in the Indian business landscape. Muthoot Pappachan Group in fact, is one of the largest employers in the country, across industries, providing employment to over 26,000 people across its offices and 4000+ customer-facing branches on-ground; endeavouring to give its employees a family-like work environment and its customers a nurturing eco-system and most trustworthy business, experience.
The group’s customer-centric approach and innovation in terms of new products that cater to changing customer needs, have helped in gaining the loyalty of innumerable customers, as well as attracting new ones. The Group adopts the latest technology and new ways of catering to the needs of customers, coupled with an uncompromising stand on values, principles and ethics.