Axis Bank extends INR 2.5 billion loan to Vivriti Capital under GuarantCo partnership to boost E-Mobility in India
Summary
Axis Bank, one of the leading private sector banks in India, in partnership with GuarantCo, a part of the Private Infrastructure Development Group (PIDG), has extended INR 2.5 billion (c. USD 30 million) three-year loan to Vivriti Capital, an India-based, impact focused non-bank financial institution, to support the companys strategy to expand its portfolio by lending to companies operating in the e-mobility ecosystem in India. Axis Bank has closed this transaction under the framework agreement with GuarantCo which was announced under a Memorandum of Understanding during COP26 in Glasgow in November 2021.The financing solution provided by Axis Bank and GuarantCo to Vivriti Capital, is estimated to increase the number of electric vehicles and charging stations deployed which will reduce CO2 emissions and contribute towards progressing the Sustainable Development Goals in India. In addition, up to 665 jobs are estimated to be created through this transaction, 30 percent of which will be held by women.The transaction makes a direct contribution to SDG 9.4 (upgrade infrastructure and retrofit industries to make them sustainable with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes), SDG 11.2 (provide access to safe, affordable, accessible and sustainable transport systems for all) and SDG 5 (gender empowerment).Speaking on the occasion, Rajiv Anand, Deputy Managing Director, Axis Bank said, "Axis Bank is committed to driving sustainable transformation within Indias e-mobility sector. Through this blended finance structure, we aim not just to fuel innovation in the e-mobility ecosystem but also to significantly impact climate change by reducing carbon emissions in our country. "Vineet Sukumar, Founder and Managing Director, Vivriti Capital Ltd, said, We are proud of this collaboration with Axis Bank and GuarantCo as we will actively contribute to fostering economic growth and sustainability.