Shares of Greaves Cotton rose on June 13 after the company said it has partnered with Bike Bazaar Finance to provide flexible financing options for the electric three-wheeler portfolio.
Greaves Electric Mobility Private Limited (GEMPL), the electric vehicle arm of Greaves Cotton, entered into an agreement with Bike Bazaar Finance, an RBI-registered nonbanking finance company that specialises in retail financing of pre-owned and new-vehicles.
Under the agreement, Bike Bazaar Finance will finance GEMPL's ELE-branded L3 electric vehicles. This partnership will initially take effect in Uttar Pradesh and Bihar, with plans to expand nationwide in the near future.
At 10.23 am, the stock traded up 1.67 percent to Rs 137.
“This agreement aims to improve customer access to hassle-free and easy financing options, streamline the purchase process, and reduce barriers to adopting electric three-wheelers," said Sanjay Behl, CEO & Executive Director Greaves Electric Mobility.
The company said this collaboration will benefit both GEMPL and Bike Bazaar Finance, as well as customers. Customers can get up to 85 percent of the on-road price as a loan under this partnership.
GEMPL is a over decade old company and has a presence in the electric 2-wheeler and 3-wheeler segments. In the electric 2-wheeler segment, it makes vehicles under the 'Ampere' brand. GEMPL's subsidiary and associate companies, Bestway Agencies Private Limited and MLR Auto Limited, make and market electric 3-wheelers.