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.”

Comments (0)

ADD COMMENT

Link Copied!

TATA.ev and Shell India Mobility have inaugurated 21 ‘Mega Charging Hubs’ in Bengaluru, Chennai, Mysore, Pune and Vadodara. The rollout expands the TATA.ev network to more than 130 operational sites across India.

The hubs are situated along highway corridors and in urban areas to support long-distance and city travel. Each location features 120 kW fast chargers and multiple bays to manage vehicle throughput.

The 21 new hubs provide a combined charging capacity of 2500 kW. Under the ‘Open Collaboration 2.0’ framework, TATA.ev intends to establish 500 Mega Charging Hubs and 400,000 charging points by 2027.

The service model at these hubs includes:

• Technical Support: On-ground marshals to assist with the charging process.
• Payment: Systems designed to operate without mandatory app or digital payment requirements.
• Facilities: Access to restrooms, Shell Select, and Deli2go stores.
• Owner Incentives: Specific offers for TATA.ev owners at on-site retail outlets.

Balaje Rajan, Chief Strategy Officer, Tata Passenger Electric Mobility, said, “EV infrastructure is fundamental to accelerating India’s transition to electric mobility. As the leader of the 4-wheeler electric revolution, TATA.ev has consistently taken the initiative to build and co-create a fast, reliable, and convenient public charging network through our TATA.ev Mega Charging Hubs. Today, in partnership with Shell India, we are proud to introduce new TATA.ev x Shell Mega Charging Hubs across key cities, offering a combined capacity of 2500 kW. This expansion reinforces our commitment to making charging seamless and ubiquitous for EV users across India.”

Sanjay Varkey, Director Mobility, Shell India Markets, added, “India’s mobility landscape is evolving rapidly, and a strong, high-quality charging infrastructure is essential to this transition. Shell is pleased to partner with TATA.ev to accelerate the development of a robust national EV charging network, uniting two trusted leaders to set a new benchmark for charging excellence. Our MegaCharging Hubs deliver industry leading reliability, world-class safety, and a premium, seamless charging experience through ultra-fast charging and premium customer services. Together, combining Shell’s global energy expertise with TATA.ev’s electric mobility leadership, we are committed to building a best-in-class EV charging ecosystem defined by performance, safety, and superior customer experience.”

Comments (0)

ADD COMMENT

Link Copied!

Olectra Greentech has received a Letter of Intent (LOI) from the Telangana State Road Transport Corporation (TGSRTC) for the supply of 1,085 electric buses. The order, facilitated through Evey Trans, is part of the PM E-DRIVE initiative led by Convergence Energy Services (CESL).

The company currently holds the largest market share in the Indian electric bus segment. With over 3,600 e-buses deployed and an order book surpassing 10,000 units, Olectra has recorded more than 500 million kilometres of operations across India.

The buses for TGSRTC will be 12-metre, low-floor vehicles, available in air-conditioned and non-air-conditioned variants. The units are engineered for local road conditions and urban frequency.

The e-buses have a claimed range of over 250 km per charge, it can be fast-charged in around 45 minutes, features front & rear air suspension systems and is wheelchair friendly.

The deployment will take place in Hyderabad, where Olectra is headquartered. The buses are intended to replace or augment existing fleets to reduce emissions within the city's transport ecosystem.

Mahesh Babu, Managing Director, Olectra Greentech, said, “This is a defining moment for the Olectra family and a significant milestone in our journey of powering India’s electric mobility transformation. Our continued commitment to the Make in India vision and to building world-class electric buses has received strong reinforcement through this prestigious order under the PM E-DRIVE programme. We are proud to bring our advanced, reliable, and indigenously developed electric mobility solutions to Telangana. Hyderabad is not just our home state, but a city that represents innovation and progress. We look forward to working closely with TGSRTC to deliver efficient, comfortable, and sustainable public transportation that meets the evolving expectations of citizens while contributing meaningfully to India’s clean energy and net-zero ambitions.”

Comments (0)

ADD COMMENT

Link Copied!

Renault Group has entered into a binding agreement to assume complete control of Flexis SAS, the electric van joint venture it originally co-founded with Volvo Group and CMA CGM Group in 2024. The deal, which is contingent upon clearance from antitrust authorities, will see Renault acquire the 45 percent and 10 percent stakes currently held by Volvo Group and CMA CGM Group, respectively. This transaction is anticipated to be finalised by the middle of 2026.

The restructuring of ownership is not expected to alter the core mission or the strategic direction of the project. The venture remains dedicated to the creation of a new generation of fully electric light commercial vehicles, incorporating advanced technological features. The development timeline remains on track, with production slated to commence by the end of 2026. The initiative is built upon a robust technological foundation, including a unique skateboard platform, 800-volt motor technology and a software-defined vehicle architecture. These innovations are specifically designed to meet the evolving demands of urban logistics and support the urgent need for decarbonisation in the sector.

Renault’s teams are fully committed to advancing this ambitious undertaking. The project is a significant employer in France, engaging nearly 1,300 personnel across several key locations. These include engineering hubs in the Île-de-France region, such as the Guyancourt Technocentre and the Villiers-Saint-Frédéric Light Commercial Vehicle Center of Excellence, with the manufacturing process set to take place at the Sandouville plant in Normandy. The first model from this new range, the Renault Trafic Van E-Tech electric, is scheduled for release in late 2026.

Volvo Group, through its Renault Trucks brand, will continue its longstanding partnership with Renault by distributing these new vehicles starting in 2027. CMA CGM Group, for its part, expressed its satisfaction in having played a crucial role in nurturing the project during its foundational phase, reinforcing its commitment to supporting the energy transition.

Comments (0)

ADD COMMENT

Link Copied!

French automotive supplier OPmobility has been awarded a contract to supply a global Original Equipment Manufacturer (OEM) with 350V battery packs for future Hybrid Electric Vehicle (HEV) models in North America. The agreement stipulates the delivery of over 1 million battery packs over the duration of the contract.

This award marks the expansion of OPmobility’s electrification business into the passenger car segment. Previously, the company’s battery activities focused on heavy-duty mobility, including buses, trucks and trains.

The battery packs will utilise Nickel Manganese Cobalt (NMC) cell technology. OPmobility will be responsible for the engineering and delivery of the complete system, comprising: the battery case, battery cells and the Battery Management System (BMS).

To fulfil the order, the Group will extend its existing production facility in Anderson, United States.

The contract aligns with the trend toward hybridisation in the automotive industry. OPmobility currently supplies both pressurised fuel tanks and battery packs, allowing for the optimisation of energy storage across Hybrid Electric (HEV), Plug-in Hybrid Electric (PHEV) and Extended Range Electric Vehicles (EREV).

Felicie Burelle, Chief Executive Officer, OPmobility, said, "This major award reflects the trust placed in OPmobility by one of the world’s leading automotive manufacturers and key customer of the Group, and our unique and differentiating positioning to address the growing hybrid market with a competitive edge. With this contract, we strengthen the product offering of our powertrain activity with a new strategic growth lever. This is fully in line with our technological and geographical diversification strategy for all types of mobility.”

Comments (0)

ADD COMMENT

Link Copied!