Axis Bank, one of the largest private sector banks in India, in partnership with GuarantCo, part of the Private Infrastructure Development Group (PIDG), has extended an INR 1 billion (around USD 12 million) guarantee to Muthoot Capital, one of India's fastest-growing NBFCs in India. This will empower the NBFC to lend to on-lend customers in rural and non-metro regions in India, for purchasing electric two-wheelers.

GuarantCo has provided a 65 percent on-demand credit guarantee to Axis Bank for this transaction, which is part of a broader USD 200 million electric vehicle (EV) framework agreement signed by GuarantCo and Axis Bank. This framework was established to enable mobilisation of funds between USD 300 and 400 million for financing the e-mobility ecosystem in India.

This collaboration with Muthoot Capital will focus specifically on providing transport solutions to rural and non-metro regions that predominantly consist of lower-income populations that have historically been underserved. The transaction will benefit Indian companies operating within the EV ecosystem with over INR 800 million (around USD 10 million) and is expected to impact local businesses in the supply chain, such as equipment manufacturers, vehicle dealers and insurers.

The INR 1 billion EV transaction will increase electric two- and three-wheeler vehicle provision, contributing to SDG 9.4 (Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies) and SDG 11.2 (Provide access to safe, affordable, accessible and sustainable transport systems for all).

This is GuarantCo and Axis Bank’s third transaction under the EV framework agreement. In December 2023, it had first enabled an INR 2.5 billion (around USD 30 million) loan to Vivriti Capital for supporting the company’s expansion strategy in the e-mobility ecosystem of India, and subsequently extended INR 1 billion (around USD 12 million) loan to Everest Fleet for the purchase of electric cars to be deployed as low pollution emitting taxis in India.

Rajiv Anand, Deputy MD, Axis Bank said: “Axis Bank stands committed to support and accelerate the growth of e-mobility industry in India. As one of the leading banks in the country, we are dedicated to driving initiatives that create positive environmental and social impact. By promoting the adoption of electric vehicles, we are working to reduce emissions, enhance air quality and provide affordable and accessible transport solutions nationwide. We have proactively scaled up our partnerships and engagements with EV dealers, manufacturers, and other players and will continue to do so. This collaboration not only supports the development of green infrastructure in India but also aligns with our broader vision of fostering an inclusive future where sustainable practices benefit all segments of society.’’

Mathews Markose, CEO, Muthoot Capital said: “Partnering with GuarantCo marks a significant step forward in accelerating the adoption of electric vehicles and advancing sustainable transport solutions in our country especially in the rural and semi-urban markets. This funding will enable MCSL to provide innovative and tailor-made financing options aimed at making electric vehicles more accessible and affordable to a wide range of consumers and businesses. We look forward to enabling the common man to own their own two-wheeler ensuring affordability and convenience. This will lend wings to our slated objective of growing our EV by 200 crores during FY2025.”

Layth Al-Falaki, CEO, GuarantCo said: “We are delighted to have closed the transaction with Muthoot Capital under the Electric Vehicle framework guarantee agreement that we signed with Axis Bank in May 2022.  This is the third transaction that we have closed under the agreement which after the ones that we closed with Vivriti Capital and Everest Fleet now total INR 4.5 billion (c. USD 54 million). This is also the first transaction under the framework which will cover the demand side of the EV business through the provision of credit so that customers can purchase electric vehicles.  In addition, the transaction is expected to have a market transformation effect that we hope that it will help catalyse deployment of more electric vehicles in India. GuarantCo, through the Private Infrastructure Development Group, will continue to utilise the climate mitigation guarantee with Axis Bank to further the e-mobility ecosystem in India and to deliver against our climate action aims aligned with the PIDG 2030 strategy.”

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Electric vehicle charging network Charge_iN by Mahindra has expanded its public charging infrastructure to 50 locations across India, reaching 200 operational charging points. The company commissioned its latest installation at the HP Auto Care Centre in Sajgaon along the Mumbai-Pune Expressway.

The Sajgaon installation represents the first operational station resulting from a collaboration established in March 2026 between Mahindra and Hindustan Petroleum Corporation (HPCL) to deploy charging infrastructure across HPCL retail outlets in India. Additional sites under the agreement are currently under construction across highway routes. Mahindra plans to expand the Charge_iN network to 250 stations comprising approximately 1,000 charging points by December 2027.

The network utilises 180 kW dual-gun chargers designed to supply power to electric vehicles, including Mahindra models such as the XEV 9e, BE 6 Sporteq and XEV 9S. The stations are situated along highway corridors alongside commercial amenities and dining facilities.

The Charge_iN system operates as an open network accessible to electric vehicle owners of all vehicle brands through the Charge_iN by Mahindra application, the Me4U application, and third-party aggregator platforms, with integration into the HP eCharge application scheduled for release. Mahindra electric vehicle users can access approximately 35,000 public charging points, including HP eCharge sites, across charge point operators via the Me4U platform.

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Maruti Suzuki India, the country’s largest passenger vehicle manufacturer, has commissioned a 300 kW green hydrogen electrolyser plant as a pilot project at its Manesar facility in Haryana. The green hydrogen produced at the unit is blended with natural gas to serve as process fuel in the company's manufacturing operations.

The plant captures solar energy generated at the Manesar site during non-operational periods and holidays when power would otherwise go unutilised. This solar power drives the electrolysis process and the resulting hydrogen is stored for subsequent use on the factory floor.

Based on the outcomes of this pilot, the company plans to scale up green hydrogen technology across its manufacturing plants in Haryana and Gujarat. The initiative draws from parent company Suzuki Motor Corporation’s core philosophy of Sho-Sho-Kei-Tan-Bi, which translates to smaller, fewer, lighter, shorter and more beautiful, to improve resource efficiency and energy usage.

Hisashi Takeuchi, MD & CEO, Maruti Suzuki India, said, “Just like we have adopted a multi-pathway approach for products, we have also embarked on a journey of multiple renewable energy solutions for manufacturing operations. The commissioning of our 300 kW Green Hydrogen plant is aligned with the Government of India’s Green Hydrogen Mission. This, along with expansion of solar, biogas and installation of battery energy storage system reflects our commitment to transition to cleaner and sustainable energy solutions.”

“India is emerging as a manufacturing powerhouse, and its competitive position may not depend solely on cost and quality, but also on CO2 intensity. With such initiatives, we are building capability today so that we can support a low-carbon and more energy-efficient manufacturing ecosystem tomorrow. Through multiple clean technologies, we aspire to reduce our carbon footprint in manufacturing operations from the present 615,000 tonnes to 266,000 tonnes in FY 2030-31,” he added.

The commissioning forms part of a broader shift toward renewable energy sources across the carmaker's operational footprint. Current measures include in-house solar plants, renewable energy procurement from government channels, and power purchase agreements for solar and wind energy with third-party suppliers.

Alongside hydrogen, Maruti Suzuki is constructing a 10 tonnes per day biogas plant at its Kharkhoda site, scheduled for commissioning within the 2026-27 financial year, and recently installed a 1 MWh battery energy storage system at the same location. The company’s board has approved four compressed biogas projects with an allocated budget of INR 5,610 million. In a separate venture, Suzuki Motor Corporation is partnering with organisations including the National Dairy Development Board and regional dairy unions to establish 10 biogas plants across India, three of which are operating in Gujarat.

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Electric vehicle infrastructure company ThunderPlus has expanded its highway charging network following the installation of a 120 kW DC fast-charging station at Amazon Kitchens on Kurnool Road, Andhra Pradesh.

The facility is located at the junction of several road networks connecting Andhra Pradesh, Telangana and Karnataka. Positioned along National Highway 44, the station serves the Hyderabad–Bengaluru transit corridor while providing access to National Highway 40, which links Nandyal, Kadapa, Rayachoti, Chittoor and Ranipet. The location also connects with National Highway 340C, extending reach toward Nandikotkur, Atmakur, and Dornala.

The 120 kW charger supports compatible four-wheeler electric vehicles and additional battery-electric transport models during intercity transit, allowing drivers to recharge vehicles during meal stops and travel breaks.

At present, ThunderPlus operates a network comprising more than 250 charging hubs and over 1,000 charge points across urban and highway sites.

Raj Kumar Medimi, Director, ThunderPlus, said, "As EV adoption moves beyond city limits, charging infrastructure must evolve around how people actually travel. Our objective is not simply to add more charging points, but to identify strategic locations where fast charging can fit naturally into a journey. By combining 120 kW fast charging with access to food and traveller amenities, the Kurnool station is designed to make intercity EV travel more convenient and practical."

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Ultraviolette has secured USD 85 million in a new funding round led by Yali Capital and TDK Ventures, with participation from Walden International Chairman Lip-Bu Tan (who also joins the company as an Advisor), along with existing and long-term investors.

The capital will be used to scale production of the F77 and X-47 models as well as the upcoming Tesseract and Shockwave while supporting development of next-generation global EV platforms. These platforms will leverage Ultraviolette's vertically integrated expertise in battery technology, power electronics, vehicle architecture and intelligent software.

The company aims to enter United States in 2027 and expand across Latin America and South-East Asia. Ultraviolette's technical capabilities span battery architectures from 48V to 400V, positioning it among the few global EV manufacturers with such in-house breadth, enabling platforms tailored to varied performance, range, thermal and packaging needs.

Lip-Bu Tan, Chairman, Walden International said, “What I really like about Ultraviolette is the combination of deep engineering expertise, strong IP and the willingness to take on genuinely difficult problems. They have built the technology from first principles and are focused on creating something that is truly differentiated for the long term.”

Ganapathy Subramaniam, Founding Managing Partner, Yali Capital, said, “India’s shift towards cleaner mobility will increasingly be driven by electric two-wheelers, given the scale of the segment. What attracted us to Ultraviolette is the depth of engineering the team has built in-house; from the battery, powertrain to software and radar and their focus on applying this technology to real rider needs, especially safety. Ultraviolette has taken the F77 from concept to the roads in India and Europe, and brought radar-based safety features into a production two-wheeler with the X-47. With the Tesseract, launching early next year, they will bring this engineering and safety focus to scooters and a much wider set of riders. This combination of deep technology, product focus and ambition gives us strong conviction in Ultraviolette, and we are proud to back them.”

Ravi Jain, Investment Director, TDK Ventures, said, "The adoption of electric two-wheelers can be accelerated by superior products powered by differentiated technology. We continue to believe that Ultraviolette is best positioned to catalyse this transition and build winning products for global markets."

Ultraviolette Founders Narayan Subramaniam & Niraj Rajmohan shared, “This funding round represents an important step in Ultraviolette’s evolution into a global electric mobility company. The conviction demonstrated by Yali Capital, TDK Ventures, Lip-Bu Tan and our long-term investors reinforces our vision of building a design and tech focused global brand out of India. This investment will enable us to scale manufacturing, accelerate the development of our future product platforms and deepen our presence across international markets. Our single-minded focus is about being a global leader in future mobility; electric vehicles that bring together uncompromising performance, future centric design and advanced technology.”

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