Shriram Finance Limited has secured a $150 million loan from the Asian Development Bank (ADB) to expand financial access for electric vehicles (EVs) and low-emission commercial vehicles in India. This loan is part of a broader $306 million financing package, which includes an additional $150 million from the Japan International Cooperation Agency and $5.83 million from the Export-Import Bank of India.
The financing agreement aligns with the Indian government’s EV30@30 initiative, which aims for 30 per cent of new vehicle sales to be electric by 2030. Additionally, the financing will enable Shriram Finance to expand its EV loan offerings. This is expected to improve financial accessibility for small and medium enterprises looking to transition to cleaner transportation solutions.
Shriram Finance, a non-banking financial services company, manages assets worth Rs 2.54 trillion. In December 2024, Shriram Finance Limited launched Shriram Green Finance to expand its green financing beyond EVs, targeting Rs 50 billion in Asset Under Management within 3 to 4 years by securing domestic and global funds for EVs, charging stations, renewable energy, and energy-efficient solutions.
