MLR Auto Limited, a subsidiary of Greaves Electric Mobility Private Limited, partners with Vidyuttech to provide flexible financing options for the electric three-wheeler portfolio

August 04, 2023

Bangalore, India

MLR Auto Limited, a subsidiary of Greaves Electric Mobility Private Limited (GEMPL), the e-mobility business of Greaves Cotton Limited, has announced its strategic partnership with Vidyuttech, a leading financing platform and lifecycle management service
provider. Under the partnership, Vidyuttech will provide flexible financing for MLR's electric three-wheelers.

With Vidyuttech's financing and lifecycle management services expertise, MLR's customers across India will benefit from simplified electric vehicle ownership. Vidyuttech's unique pay-perkm battery lease & attractive interest rate of approximately 10 % is designed to facilitate the adoption of Electric 3-wheelers, making them an affordable and sustainable choice for customers. Moreover, Vidyuttech's commitment to providing over 90 % on-road funding for potential customers significantly reduces the burden of downpayment, making electric vehicle ownership more accessible than ever before.

Commenting on the partnership, Nirmal NR, Chief Executive Officer & Wholetime Director, MLR Auto Limited, said,

"We are delighted to partner with Vidyuttech to enhance the adoption of electric vehicles in the L5 segment. This partnership will provide our customers with accessible and hassle-free financing options, simplifying their transition to electric three-wheelers and contributing to a more sustainable and emission-free future."

"We are very excited to partner with MLR Auto. Our battery leasing and low-cost financing is designed to make EV transition a no-brainer for our customers," said Xitij Kothi, Co-Founder, Vidyuttech.

Vidyuttech's commitment to enabling customers to switch to electric vehicles aligns perfectly with GEMPL's vision of revolutionising last-mile mobility in India through sustainable solutions. By leveraging Vidyuttech's attractive interest rate and dedication to offering substantial funding, MLR's customers will have greater financial flexibility and convenience in their EV purchases.

About Greaves Cotton Limited

Greaves Cotton Limited is a diversified multi-product and multi-location engineering Company with a rich legacy and brand trust of over 163 years and has established itself as a key player impacting a billion lives every day. The Company is a leading name in Fuel Agnostic Powertrain Solutions, E-Mobility, Aftermarket, Retail, Engineering Services & Finance. The Company’s diversification strategy is driven by customer centricity and sustainability. It is one of the few companies that has successfully developed the complete EV ecosystem in India. Greaves is powered by the purpose to touch a billion lives by 2030 and enable them to make sustainable transition to clean mobility.

For more information

Greaves Cotton Limited, (CIN – L99999MH1922PLC000987) Unit No. 701, 7th Floor, Tower 3 Equinox Business Park, LBS Marg, Kurla West, Mumbai 400070. +91-022-41711700

For Further Information, Please Contact

Richa Shah | Greaves Cotton Limited


“This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Greaves Cotton Limited and its subsidiaries/ associates (“Greaves”). These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Indian Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the related industries, increasing competition in and the conditions of the related industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Greaves, nor our directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release.”

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