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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JSW MG Motor India, one of the leading passenger vehicle manufacturers, has announced that it has successfully installed 1,000 community chargers under its MG Charge initiative.

Spanning more than 470 sites across India, the milestone makes JSW MG Motor India the first automaker in the country to establish community-led electric vehicle (EV) charging infrastructure at this scale. The installations are distributed across residential societies, condominiums, hospitals, corporate campuses, hotels and industrial parks.

Alongside the infrastructure announcement, the company revealed that MG-branded electric vehicles have cumulatively travelled over 2.9 billion green kilometres on Indian roads. This collective mileage has offset approximately 417,000 metric tonnes of CO2 emissions.

Furthermore, JSW MG Motor India has detailed an aggressive product timeline for the remainder of calendar year 2026 (CY2026). The automaker plans to launch three new New Energy Vehicles (NEVs).

This upcoming product push will mark the brand's introduction of plug-in hybrid (PHEV) technology to the Indian market. The company noted that its overarching corporate philosophy views India's transition to sustainable transit as a path that can be successfully driven by balancing multiple complementary technologies.

In alignment with national decarbonisation targets, JSW MG Motor India has systematically upgraded its primary manufacturing plant in Halol, Gujarat. The site has achieved significant efficiency metrics through the deployment of Industry 4.0 digitisation and Internet of Things (IoT) solutions.

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Maruti Suzuki India, the country’s largest passenger vehicle manufacturer, has announced a major expansion of its renewable energy footprint with two dedicated biogas projects on the occasion of World Environment Day.

The company has earmarked a cumulative investment of INR 9.25 billion through FY 2030–31 toward green energy initiatives to systematically curtail its carbon footprint across in-house manufacturing operations.

The automaker is investing INR 1.5 billion specifically into these two newly detailed biogas developments, aligning its corporate operations with the Government of India's ‘Waste-to-Wealth’ mission.

It has commissioned a new 10 TPD Biogas Plant at Kharkhoda, which is scheduled to be commissioned in FY2026–27. At full operational capacity, the plant is projected to mitigate 9,490 tonnes of CO2 emissions annually. The generated biogas will offset fossil fuel reliance by servicing approximately 20 percent of the total gas requirement at the Kharkhoda manufacturing site.

Furthermore, earlier this month, Maruti Suzuki India completed an expansion at its Manesar facility, scaling output from an initial 0.2 TPD to 0.7 TPD. The expanded setup is expected to generate roughly 360,000 standard cubic meters of biogas annually, avoiding an estimated 664 tonnes of CO2 emissions per year.

The plant leverages anaerobic digestion technology to convert organic and agricultural waste into raw biogas. It uses food waste, napier grass and paddy straw as feedstock, with a technical provision to boost output utilising cattle dung. The output will be directed into paint shop heating processes and factory canteen operations. Fermented Organic Manure (FOM) generated as a byproduct will be routed to internal horticulture or supplied back into the local agricultural ecosystem.

Beyond localised biogas projects, Maruti Suzuki is systematically scaling its solar energy infrastructure to counter liquid natural gas (LNG) volatility and supply constraints. It has progressively expanded its installed solar capacity to 79 MWp across its manufacturing facilities and targets an expansion to 319 MWp of solar-generated renewable energy by FY 2030–31.

The automaker recently replaced natural gas with biogas for approximately 10 percent of the energy requirements at its Hansalpur facility. Supported by SRDI (a wholly owned subsidiary of Suzuki Motor Corporation, Japan), this transition ensured uninterrupted operations during active LNG supply bottlenecks.

Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India, said, “Maruti Suzuki has been consistently working on initiatives aimed at reducing fossil fuel consumption and oil import dependence. In line with this, we are setting up a new 10 Tonnes Per Day biogas plant at the Kharkhoda facility as well as expanding the existing biogas plant at Manesar facility. At a time when the world is navigating an increasingly uncertain energy landscape, such initiatives assume greater significance. As the Hon’ble Prime Minister of India has called for reducing dependence on fossil fuels, the commissioning of our biogas project comes at an appropriate time. It enables us to contribute, in a modest but meaningful way, to the current national priority alongside several other ongoing efforts.”

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Hyundai Motor India, one of the leading passenger vehicle manufacturers, has announced a long-term strategic commitment to designate the state of Tamil Nadu as its designated ‘Flagship EV Hub for India’. The announcement includes an exclusive skill development partnership alongside manufacturing and supply chain localisation goals.

As part of this roadmap, Hyundai Motor India has reaffirmed its plan to deploy an investment of over INR 260 billion in Tamil Nadu between 2023 and 2032. This allocation is a component of the company's broader, previously declared INR 450 billion investment blueprint for the Indian market. To date, the Chennai facility has exported more than 3.9 million vehicles to over 150 countries.

The manufacturing hub will scale zero-emission capabilities via immediate product rollouts and component localisation:

• Product Rollout: Hyundai Motor India plans to introduce two new vehicle models from its Chennai facility within the year. This includes the launch of its first mass-market dedicated electric vehicle (EV) to accelerate local adoption.
• Industrial Localisation: The company has established Tamil Nadu’s first battery sub-assembly plant for EV powertrains. Hyundai Motor India is currently expanding local sourcing for power electronics and related primary components to minimise import dependency.
• Charging Network: Hyundai has deployed a direct-current (DC) fast EV charging ecosystem across the state consisting of 39 stations and 78 charging points. The high-capacity network is scheduled for further expansion across major urban centres and transit highways over the next 2 to 3 years.

The company has also aims to increase its localisation rate from the present 82 percent to 90 percent in the next 5-6 years. An additional INR 40 billion in state sourcing value from the current base, which is expected to generate an additional 2,000 jobs in the state.

Hyundai Motor India and the Government of Tamil Nadu (GoTN) have formalised a structured skill development project scheduled to commence active training operations in December 2027. The program aims to increase the global employability of the state's workforce by integrating next-generation manufacturing skills.

The curriculum will leverage partnerships with local Industrial Training Institutes (ITIs), polytechnics and engineering colleges to train students in advanced disciplines:

• EV technical architectures and hydrogen mobility systems.
• Industrial robotics, digital automation and AI-enabled manufacturing.
• Smart factory workflows alongside professional workplace communication and language instruction.

Tarun Garg, Managing Director & CEO, Hyundai Motor India, said, “HMIL’s initiatives will strengthen Tamil Nadu’s leadership in sustainable mobility and automotive excellence, while also accelerating skill development to foster a future-ready workforce. We will roll out two new models from the Chennai facility, including our first mass-market dedicated EV within this year, marking a significant step towards accelerating EV adoption and building a strong EV ecosystem. Alongside, advancing EV localization, we are equally focused on developing a future-ready skilled workforce, enabling talent to support future automotive technologies."

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Maruti Suzuki India, one of the largest passenger vehicle manufacturers globally, has officially launched India’s first flex-fuel passenger car on the eve of World Environment Day.

The technology is being introduced in the Maruti Suzuki Wagon R, a high-volume model that has previously served as a platform for the company's alternative fuel options, including Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG).

The vehicle was unveiled in New Delhi in the presence of Nitin Gadkari, Minister of Road Transport and Highways, and Hardeep Singh Puri, Minister of Petroleum and Natural Gas.

The flex-fuel Wagon R is engineered to provide complete fuelling flexibility, enabling consumers to operate the vehicle on any ethanol-to-petrol blend ratio ranging from E20 (20 percent ethanol) up to E100 (100 percent ethanol).

The introduction of ethanol flex-fuel tech represents a broader commitment by India's market leader to scale diversified powertrain architectures. Maruti Suzuki's long-term product strategy incorporates a multi-tiered technology approach to meet carbon reduction goals, including Battery Electric Vehicles (BEVs), Hybrids, CNG, Compressed Biogas (CBG) and now, flex-fuel configurations.

Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India, said, “The ecosystem for ethanol as a fuel in India is in its early stages, and as a market leader, we think it is our responsibility to contribute to make `India Go Flex’. Once it reaches mainstream adoption, Flex-Fuel Vehicles have the potential to cut oil imports, carbon emissions, and local air pollution while enhancing domestic value addition and farmer incomes.”

Nitin Gadkari noted, “Biofuels like ethanol are an important pathway towards reducing crude oil import dependence while strengthening our rural economy. Flex-Fuel Vehicles can create a strong and sustainable demand for ethanol, benefiting our farmers, industry, and the environment together. I appreciate Maruti Suzuki for taking this leadership step and supporting the Government’s vision of clean and self-reliant mobility.”

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