MLR Auto Ltd partners with Vidyuttech to provide flexible financing options for the electric three-wheeler portfolio

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.

Shares of Greaves Cotton Limited was last trading in BSE at Rs. 137.50 as compared to the previous close of Rs. 137.20. The total number of shares traded during the day was 110442 in over 2552 trades.

The stock hit an intraday high of Rs. 138.60 and intraday low of 135.75. The net turnover during the day was Rs. 15162623.00.

Source : Equity Bulls

Keywords

GreavesCotton INE224A01026 MLRAuto GreavesElectricMobility StrategicPartnership Vidyuttech