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, Thomas George Muthoot, Managing Director, Muthoot Capital Services Ltd. said, “We are 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”.
Madhu Alexiouse, Chief Operating Officer, Muthoot Capital Services Ltd., said, “We are really excited about this partnership and aim to lower the barrier to access tailor made financing options especially for the new-age India. The 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”.
Sohinder Gill, Chief Executive Officer, Hero Electric Vehicles Pvt Ltd. said, “We are 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.”