Manappuram Finance Signs MoU with Autolite (India) for Financing of Electric Vehicles
Mumbai: Manappuram Finance Ltd., (BSE: 531213; NSE: INE522D01027) India’s leading gold loan non-banking finance companies has signed a Memorandum of Understanding (MoU) with the Autolite (India) Limited (BSE: 500029 | NSE: 448A01013) for a consumer & dealer financing arrangement. Autolite (AIL) is a leading manufacturer of electric vehicles (Two & Three Wheeler) lithium Ion battery packs & solar products.
According to the memorandum of understanding (MoU) inked between both the companies, Manappuram Finance Limited will be offering financing solutions to Autopal Electric Vehicle Dealers & Consumers with products such as vehicle loans & inventory funding.
Under this MoU, Manappuram Finance will gradually involve their wide spread network of 3000+ branches across India to provide end to end financing solutions to Autopal branded Electric Wheeler consumers. This tie-up is aimed at benefiting all the 75-plus dealers of AIL spread across India to facilitate their sales to the consumers of Autopal Electric Vehicles.
Commenting on the agreement, Senthil Kumar, Head of Commercial Vehicle, Manappuram Finance Limited said, “Our association is a new development in the electric vehicle industry, thereby, benefitting the consumer, electric manufacturers, financing companies and government in the long run. It is major step to build a sustainable ecosystem for electric vehicles in India. We are very happy to partner with Autolite India Limited and will work together on joint development areas in keeping pace with industry requirements and leveraging mutual strengths.”
“Manappuram’s competitive financing model and wide reach across India will surely nurture a value addition to Autolite’s Dealers & Customers. This will surely boost our sales and accelerate revenues in rapidly multiplying numbers. This partnership will empower our stakeholders and customers with financial products specifically tailored for them to facilitate their smooth entry into the world of Autopal Electric Vehicle," Adarsh Mahipal Gupta, Director, Autolite (India) Limited explained.
Manappuram Finance Ltd. is one of India’s leading gold loans NBFCs engaged in providing finance against used household gold ornaments. Incorporated in 1992, the company has been promoted by V P Nandakumar (current MD & CEO) whose family has been involved in gold loans since 1949. It is headquartered at Valapad in the Thrissur District of Kerala. The company went public in August 1995 and its shares are listed on the BSE and NSE stock exchanges. As of December 31, 2018, the Company had 4314 branches across 24 states and 4 UTs with Assets under management (AUM) of Rs. 17,783 crore. The company’s net worth stood at Rs. 4342 crore.
The Autopal-MPG Group is focused, dynamic & progressive Group providing innovative products to the customer at economic prices. The Group is serving Automotive Industry for Five Decades now.Autopal-MPG Products are being exported to more than 56 Countries. The Group Supplies his products to leading vehicle manufacturers in India as OEM & Has excellent share in India after market through its widespread network of Dealers and distributors. We are also preferred manufacturing partners to many global multinational corporation, The Brand “AUTOPAL” is now considered a synonym to Quality, Trust and complete customer satisfaction. The brand is registered in 34 Countries globally.