In Tuesday deals concluded with marginal increases, as both Sensex and Nifty gained 0.01% each. In this muted market, the shares of Greaves Cotton Limited soared 1.58%. The company’s current market capitalisation is Rs 3,132 crore.
Today, Greaves Retail has entered into a strategic partnership with Usha Financial Services Ltd. The goal of this collaboration is to bring about a transformative shift in customer financing within the electric three-wheeler segment. By joining forces, Greaves Retail aims to amplify its presence and enhance the accessibility and seamlessness of end-customer financing on a nationwide scale.
The partnership leverages Usha Financial’s unique dealer delivery model, designed to bring localized and convenient financing solutions to customers across the country. This collaboration opens avenues for dealers to efficiently identify suitable customers, streamline the collection process, and act as a central point of contact for addressing loan repayment concerns.
With an initial pilot launched in Bihar, this innovative model has gained traction and is now effectively operational in various dealerships spanning the entire Indian landscape. Greaves Retail’s aim is to facilitate hassle-free financing solutions for their specialized customer base within the electric three-wheeler sector.
Through this venture, both companies envision revolutionizing the landscape of electric mobility financing, empowering customers and dealers alike.
"India’s three-wheeler segment witnessed 75% growth in June on an annual basis, which is phenomenal. The partnership with Usha Financial is a major step to enable financing for our e-rickshaw customers in key markets. Usha Financal’s expertise in lending to “livelihood earners” will enhance Greaves Retail’s capabilities to facilitate the sales and service of these vehicles through our pan-India footprint of retail outlets,” said Narasimha Jayakumar, CEO, Greaves Retail.
Greaves Cotton excels in creating engines and their uses, which lie at the core of its operations. Apart from this, the company also explores power tillers, deals in spare parts related to engines, pioneers electric vehicle innovation, and ventures into infrastructure equipment.
The stock has witnessed significant buying activity as it has surged more than 67% in the last 3 years.
Keep your eye on this trending stock.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.