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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Jakson Group, a leading diesel genset manufacturer, has announced an expansion of its energy solutions range following a financial year where revenue exceeded INR 90 billion (GBP 850 million).

The Group has expanded its presence across five new categories – Genset Xtra, Battery Energy Storage Systems (BESS), Solar Kits, Mobile Light Towers and electric three-wheelers. This move is intended to broaden the company's presence across power generation, storage and sustainable transport.

The entry into electric mobility follows a partnership with a Bengaluru-based firm to develop research-backed three-wheelers. This adds a transport component to Jakson’s existing operations in solar power, green molecules and infrastructure engineering, procurement and construction (EPC).

Established in 1947, the group operates six manufacturing facilities and maintains a workforce of 3,500 employees serving approximately 100,000 customers.

Jakson Group is positioning itself as an integrated provider for the energy transition, moving from its origins in diesel generator manufacturing toward a diversified portfolio that includes alternative fuels and civil EPC services. With 12 international offices, the group is looking to align its domestic manufacturing scale with global energy requirements.

Sameer Gupta, Chairman, Jakson, said, “At Jakson, our mission has always been to power progress through innovation. With FY26 revenue of over INR 90 billion, Jakson today has both the scale and the responsibility to shape future-ready energy solutions. This portfolio expansion reflects our commitment to building an integrated energy ecosystem that is reliable, responsible and aligned with the evolving needs of customers in India and global markets.”

Sundeep Gupta, Vice-Chairman, Jakson, added, “The market today is looking for energy solutions that are efficient, dependable and future-ready. With this expanded portfolio, Jakson is strengthening its position as a diversified player serving evolving customer needs across sectors.”

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Lloyds Metals and Energy (LMEL) has completed the diesel-to-electric conversion of a Liebherr R996 excavator, marking the first time a mining machine in this category has been retrofitted for fully electric operations.

The project was executed by the company's internal engineering and technology teams and involved a redesign of the vehicle's power architecture and control systems. The shift to electric power is intended to eliminate carbon dioxide emissions associated with the machine's operation while reducing reliance on diesel fuel.

The engineering process included the development of proprietary digital monitoring and safety solutions to manage the high-power requirements of the heavy-duty excavator. By sourcing and engineering major subsystems within India, the project serves as a demonstration of domestic capability in advanced heavy engineering and sustainable industrial innovation.

LMEL expects the conversion to improve operational performance through the use of real-time diagnostics and predictive maintenance.

Established in 1977, LMEL operates iron ore mines in Maharashtra and is expanding its integrated steel operations. The company currently produces 0.7 MTPA of direct reduced iron (DRI) and has commissioned a 4 MTPA pellet plant, with long-term plans to increase iron ore dispatch capacity to 26 MTPA. Its sustainability strategy includes the deployment of electric vehicle fleets and the construction of slurry pipelines to lower transport-related emissions.

B Prabhakaran, Managing Director, Lloyds Metals and Energy, said, “This landmark achievement, is not just about electrifying a machine – it is about reimagining the future of mining. At LMEL, we believe that responsible mining and sustainability must go hand in hand. This achievement demonstrates India’s capability to deliver world-class, zero-emission solutions in even the most complex and heavy-duty environments. We are proud to contribute to a future where mining is both productive and environmentally responsible.”

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Tata Motors, one of the leading commercial vehicle manufacturers, has begun delivering the first batch of Prima E.55S electric prime movers to BillionE Mobility, as part of an order for 250 units of the EV.

The fleet is scheduled for phased deployment across freight corridors in Gujarat, Rajasthan, Tamil Nadu, Karnataka, Maharashtra, Haryana and the Delhi NCR region to transport industrial goods including steel and cement.

The Prima E.55S is constructed on the i-MoEV architecture and utilises a 450 kWh battery pack, which is claimed to be the largest in its category. The e-truck comes with a claimed range of up to 350 km on a single charge and features an integrated e-axle, a three-speed automatic transmission and dual-gun fast-charging capabilities.

In terms of safety it get a driver monitoring system, lane departure warning and an electronic braking system.

BillionE Mobility intends to scale its heavy-duty logistics operations to 1,500 units over the next 18 months through this strategic partnership. Tata Motors supports its alternative fuel portfolio through the Sampoorna Seva 2.0 initiative and a service network comprising 3,200 touchpoints across India.

Kartikey Hariyani, Founder of BillionE & ChargeZone, and Sanjeev Kulkarni, CEO of BillionE Mobility, said, “Our focus at Billion Electric Mobility is on building electric commercial vehicle solutions that can be deployed reliably, and at scale across real freight operations for inter-city routes. We are entering into a strategic partnership with Tata Motors as we aim to accelerate our commitment for systematic large-scale acquisition and month on month planned pipeline for deployment 6 to 18 months targeting 1,500 units of heavy‑duty logistics in India. The Tata Prima E.55S delivers the performance, reliability and operational efficiency required for intensive logistics solutions across various applications. We are pleased to induct Prima E.55S 450kWh, India’s largest in-class battery capacity of 450 kWh to enhance our long-haul logistics capabilities.”

Rajesh Kaul, Vice-President and Business Head – Trucks, Tata Motors, said, “Electric trucking scales when vehicles are built for real operating conditions – duty cycles, uptime, energy efficiency and total cost of ownership. Developed with this application‑led approach, the Prima E.55S brings together India’s first high‑performance e‑axle, an advanced battery management system and dual charging ports, supported by a segment‑leading 450 kWh battery pack designed for extended range and demanding duty cycles. These technologies translate into strong performance, higher uptime and lower operating costs, enabling customers to achieve faster payback. Our close collaboration with BillionE Mobility has ensured alignment across the vehicle and the supporting ecosystem, enabling dependable electric operations across key freight corridors.”

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Switch Mobility, the electric vehicle division of the Hinduja Group, has delivered the first 10 units of its EiV12mt intercity electric coaches to Prasanna Purple Mobility Solutions.

The e-buses were inaugurated in Pune and will operate on the Mumbai–Pune corridor. This deployment represents the manufacturer's first supply of intercity coaches to a private sector operator and facilitates the entry of Prasanna Purple Mobility Solutions into the electric intercity segment.

The delivery is part of a larger order for 25 electric buses being deployed in partnership with Vertelo. The remaining units are scheduled for delivery throughout the year. The EiV12mt coach is designed for long-distance operations, featuring 45 pushback seats and a range exceeding 300 km per charge. The vehicle incorporates fast-charging technology and the Switch iON connected system for real-time fleet monitoring and data analysis.

Till date, Switch Mobility has deployed over 2,500 electric buses in India to date and has previously supplied intercity vehicles to state transport undertakings such as UPSRTC. The company intends to scale its presence in the intercity segment as operators transition from internal combustion engines to electric propulsion for high-frequency travel corridors.

Ganesh Mani, CEO, Switch Mobility, said, “The flag-off marks another important step in expanding electric mobility beyond cities and strengthening our presence in the intercity segment. This partnership reflects the growing confidence in electric buses for high-frequency routes like Mumbai–Pune, where performance, reliability, and efficiency are critical. As we commence deliveries, with the first set of buses now deployed, we look forward to progressively scaling this engagement with Prasanna Purple Mobility Solutions in the period ahead. At Switch Mobility, we are focused on delivering solutions through the EiV12 platform that are not only sustainable but also commercially viable for operators, while ensuring a superior passenger experience. With intercity mobility continuing to evolve, we are building on our experience in the segment and remain committed to accelerating the adoption of reliable, efficient, and future-ready electric mobility solutions.”

Prasanna Patwardhan, CMD, Prasanna Purple Mobility Solutions, added, “Entering the intercity segment with electric mobility is a significant milestone for us. Through this collaboration, we are introducing a cleaner and more efficient travel option on the Mumbai–Pune route. We remain focused on enhancing the overall journey experience while moving towards more sustainable operations. With Switch Mobility we value our partnership for long term E Mobility Solutions.”

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