Manappuram-AIL tie-up for promoting Electric Vehicles
Kochi: Manappuram Finance Ltd., one of India’s leading non-banking financial companies (NBFCs) engaged in providing finance against used household gold ornaments, has signed a Memorandum of Understanding (MoU) with Autolite (India) Limited for a consumer and dealer financing arrangement. Autolite (AIL) is a leading manufacturer of electric vehicles (both two and three-wheelers), lithium ion battery packs and solar products.
According to the MoU inked between both the companies, Thrissur-based Manappuram Finance Limited will be offering financing solutions to Autopal electric vehicle dealers and consumers with products such as vehicle loans and inventory funding.
As per this MoU, Manappuram Finance will gradually involve their widespread network of 3000-plus branches across India to provide end-to-end financing solutions to Autopal branded electric vehicle consumers. This tie-up is aimed at benefiting all the 75-plus dealers of AIL spread across India to facilitate the sale of Autopal electric vehicles.
Commenting on the agreement, Senthil Kumar, Head of Commercial Vehicle, Manappuram Finance Limited said, “Our association is a new development in the electric vehicle industry, thereby benefitting the consumer, electric vehicle manufacturers, financing companies and the government in the long run. It is major step to build a sustainable ecosystem for electric vehicles in India. We are very happy to partner with Autolite India Limited and will work together on joint development areas in keeping pace with industry requirements and leveraging mutual strengths.”
Said Adarsh Mahipal Gupta, Director, Autolite (India) Limited, “Manappuram’s competitive financing model and wide reach across India will surely nurture a value addition to Autolite’s dealers and customers. This will surely boost our sales and accelerate revenues in rapidly multiplying numbers. This partnership will empower our stakeholders and customers with financial products specifically tailored for them to facilitate their smooth entry into the world of Autopal electric vehicle.”
As of December 31, 2018, Manappuram Finance had 4314 branches across 24 states and 4 UTs with Assets Under Management (AUM) of Rs. 17,783 crore. The company’s net worth stood at Rs. 4342 crore.