Mumbai, April 2, 2019: 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, Mr. 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.