Shriram Finance Limited has secured a USD150 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 USD306 million financing package, which includes an additional USD150 million from the Japan International Cooperation Agency and USD5.83 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.