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Greaves Cotton up 4% after arm inks EV ownership partnership with Acko

The uptick in stock price came after Greaves Cotton announced that its unit, Greaves Finance, has partnered with Acko to facilitate seamless EV ownership across India

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Greaves Cotton in focus: Shares of Greaves Cotton climbed as much as 3.69 per cent to hit a fresh 52-week high of Rs 176.95 per share on Wednesday. 

The uptick in stock price came after Greaves Cotton announced that its unit, Greaves Finance, has partnered with Acko to facilitate seamless EV ownership across India.

This collaboration with Acko under the evfin platform, which focuses entirely on electric vehicles, will facilitate the integration of Acko's offerings. The partnership aims to provide consumers with easy access to optimal insurance policies and financing options.

“In  FY24,  the  Electric  2W  segment  has  witnessed  a  Y‐o‐Y  growth  of  30 per cent,  and  we  believe  that  accessible  financing and insurance models will push  this  further, helping accelerate India’s potential  to  lead the charge in sustainable mobility.  We are delighted to partner with Acko on this exciting venture to  offer  affordable  and  tailored  solutions  to  our  consumers. We  share  a  mutual  vision  of  leveraging  technology to increase the accessibility of financial services to customers across India,” said P B Sunil Kumar, executive director and CEO, Greaves Finance Limited.

According to Greaves Cotton, this collaboration will offer customers specialised financing support and tailored solutions from evfin, customised to their specific preferences and needs. It will also simplify the insurance selection process by providing affordable policies tailored to individual requirements.

Moreover, the partnership between evfin and Acko is designed to alleviate the financial challenges faced by electric vehicle owners during accidents and hospitalisations. The initiative seeks to introduce new, innovative EV-centric products, thereby promoting the adoption of sustainable mobility solutions across India, Greaves Cotton said.

Brijesh Unnithan, SVP, internet partnerships, Acko said, “We understand  the importance of  tailored  insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where  the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates  affordable  financing  and  insurance  solutions  to  encourage  individuals  to  consider  EVs.  Acko’s  collaboration with Greaves Finance Limited is a step in the right direction to enable this." 

Greaves Finance Ltd., operating through its dedicated electric vehicle (EV) lending platform ev.fin, stands as India's sole EV-focused non-banking financial company (NBFC). 

As a wholly owned subsidiary of Greaves Cotton Ltd., its mission is to democratise the EV ownership experience by empowering individuals throughout the entire lifecycle of owning an electric vehicle. Ev.fin specialises in providing innovative financing solutions exclusively designed for electric vehicle owners, thereby fostering the growth of sustainable mobility in India.

Additionally, Ev.fin's services are accessible through prominent EV two-wheeler original equipment manufacturer (OEM) dealerships such as Ather Energy, Ampere from Greaves, Vida from Hero Motocorp, OLA Electric, Bajaj Chetak, and TVS iQube across 31 cities in India.

At 12:56 PM, shares of Greaves cotton were trading 2.20 per cent higher at Rs 174.40 per share. In comparison, BSE Sensex was trading 0.66 per cent lower at 79,822.01 levels. 

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First Published: Jul 10 2024 | 1:06 PM IST

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