Greaves Cotton Limited (NSE:GREAVESCOT) announced on 28 July 2026 that its subsidiary Greaves Electric Mobility Limited (GEML) has entered into a strategic partnership with Muthoot Capital Services, one of India's retail non-bank financial companies, to provide flexible financing solutions for Ampere brand electric two-wheelers. The partnership aims to make EV ownership more accessible and affordable across India by offering specific repayment options to diverse customer profiles including salaried professionals, self-employed individuals, and gig workers.
Key Highlights
- Greaves Electric Mobility Limited's Ampere brand has partnered with Muthoot Capital Services to expand retail financing options for electric two-wheelers across India's mass market.
- The partnership leverages Muthoot Capital's 500+ pan-India touchpoints and deep retail financing network to broaden customer access to Ampere's electric two-wheeler portfolio.
- Financing solutions are designed to accommodate diverse income profiles and mobility needs, including salaried professionals, self-employed individuals, gig workers, and small business owners.
- Greaves Electric Mobility operates three manufacturing plants in Hyderabad, Noida, and Ranipet, and maintains a network of 400 dealer touchpoints across India.
- Ampere holds 8 India Book of Records and 1 Asia Book of Records titles related to electric vehicle performance and design innovation.
- The collaboration reflects Greaves Cotton's 165-year legacy and stated commitment to enable sustainable mobility solutions addressing urban, semi-urban, and emerging markets.
About the Company
Greaves Cotton Limited (NSE:GREAVESCOT), headquartered in Mumbai with registered office in Chhatrapati Sambhajinagar, Maharashtra, is a diversified engineering company with a 165-year operating history. Originally known for single-cylinder diesel engines, Greaves has transformed into a multi-fuel, multi-product mobility solutions provider. The company operates through five independent business units: Greaves Engineering, Greaves Electric Mobility Limited, Greaves Retail, Greaves Finance Limited, and Greaves Technologies Limited. Greaves Electric Mobility Limited (GEML), the subsidiary announcing this partnership, has over 17 years of experience designing and manufacturing electric vehicles and serves both electric two-wheeler and three-wheeler segments. GEML operates manufacturing plants in Hyderabad, Noida, and Ranipet, supported by 400 dealer touchpoints across India. The company's Ampere brand is positioned as a key component of its strategy to drive EV adoption in India's mass market through affordable, sustainable mobility solutions.
Announcement in Detail
On 28 July 2026, Greaves Cotton Limited filed a press release with the BSE and NSE announcing that Ampere, the electric two-wheeler brand of subsidiary Greaves Electric Mobility Limited, has established a partnership with Muthoot Capital Services Limited. According to the announcement, the partnership is designed to make electric mobility ownership more accessible and affordable across India while accelerating EV adoption. Muthoot Capital Services is described in the filing as "one of India's most trusted retail NBFCs" and brings retail financing capabilities to support Ampere's electric two-wheeler customers.
The collaboration aims to bridge affordability barriers through financing solutions specific to diverse income profiles and mobility needs. The press release states that flexible repayment options are expected to broaden access to electric mobility by making ownership convenient, affordable, and financially sustainable for various customer segments including salaried professionals, self-employed individuals, gig workers, and small business owners. Muthoot Capital's CEO, Mathews Markose, stated in the announcement that the partnership combines "two trusted brands with a shared vision of democratizing access to electric mobility" and that Muthoot's retail financing network, customer reach, and technology-enabled lending capabilities would deliver "seamless, transparent, and affordable financing solutions." The filing indicates that the partnership will leverage Muthoot Capital's 500+ pan-India touchpoints to strengthen GEML's market presence, support dealer growth, and expand access to electric mobility solutions.
Greaves Electric Mobility maintains that over 18 years of experience in designing and manufacturing electric vehicles has established Ampere's strong presence in India's electric two-wheeler market. The company emphasizes that this partnership is part of a broader strategy to expand its product portfolio, grow its dealer network, and enhance overall customer experience. The partnership reflects Ampere's stated commitment to building products and solutions that are "engineered to Outperform, Outlast & Outshine" while advancing India's journey toward sustainable, self-reliant, and inclusive mobility.
Impact on Investors
Investors will note that this partnership announcement represents a strategic effort by Greaves Cotton to expand the addressable market for its Ampere electric two-wheeler brand through third-party financing infrastructure. By partnering with Muthoot Capital's established retail NBFC network, Greaves Electric Mobility gains access to financing distribution capabilities without requiring incremental capital investment in its own finance subsidiary, Greaves Finance Limited. The filing shows that the partnership targets underserved customer segments in semi-urban and emerging markets, which aligns with stated corporate strategy to democratize EV access beyond metropolitan centers. Investors should observe that this move reduces potential barriers to electric two-wheeler adoption driven by financing constraints, which historically have limited market penetration for higher-priced mobility products in India's mass market.
The disclosed terms indicate that Muthoot Capital will manage customer credit assessment, underwriting, and collection risk, thereby reducing credit exposure for GEML and its parent Greaves Cotton. However, investors should note that the filing does not disclose specific loan volumes projected, commission or revenue-sharing structures, or expected contribution to consolidated earnings. The partnership's success will depend on Muthoot Capital's ability to acquire and retain customers willing to finance Ampere vehicles at acceptable interest rates and terms. The announcement does not specify exclusivity or term duration, which means either party retains flexibility to adjust or terminate the arrangement. Shareholders will observe that GEML remains focused on scaling production and dealer networks, as evidenced by its three manufacturing plants and 400 dealer touchpoints mentioned in the filing, suggesting that financing partnership is intended to complement rather than replace internal capability development.
Sector / Market Context
India's electric two-wheeler market has emerged as a critical segment in the country's transition toward sustainable mobility, with government policies including FAME II subsidy schemes and proposed phase-out timelines for conventional two-wheelers driving adoption. According to Ministry of Heavy Industries data, India's EV two and three-wheeler segment has grown significantly in recent years as a proportion of total two-wheeler sales. The affordability and financing barrier remains a documented constraint in penetrating India's mass market for electric mobility, particularly in tier-II and tier-III cities where first-cost considerations heavily influence purchase decisions. Retail NBFCs such as Muthoot Capital have progressively expanded their vehicle financing portfolios to include electric two and three-wheelers as government support and consumer awareness have increased. Industry analyses indicate that financing partnerships between EV manufacturers and non-bank lenders are emerging as a common market approach to lower effective customer acquisition costs and expand addressable consumer base.