Indian Bank MoU with Tata Motors Subsidiaries
Bank will use its digital SCF platform to offer authorised dealers of TMPVL & TPEML inventory financing options for both electric vehicles as well as other passenger vehicles.
Mumbai- Tata Motors Passenger Vehicles Ltd., (TMPVL) and Tata Passenger Electric Mobility Ltd., (TPEML) a subsidiaries of Tata Motors Limited., Signed MoU (Memorandum of Understanding) with Indian Bank.
As part of the agreement, the Bank will use its digital SCF platform to offer authorised dealers of TMPVL & TPEML inventory financing options for both electric vehicles as well as other passenger vehicles.
Mr. Ashutosh Choudhury, Executive Director, Indian Bank, said that, We are thrilled to work with Tata Motors, a pioneer in the automotive industry that provides a comprehensive range of mobility options for passenger vehicles, including cutting-edge electric vehicles. Indian Bank, which has 5819 locations and is trusted by more than 10 crore clients, is in a good position to assist TML as it experiences significant expansion. The dealers of TML will have quick access to working capital financing from Indian Bank Supply-Chain Finance at advantageous terms to support the expansion of their businesses.
Mr. Saurabh Dalmia, CMS Vertical Head said that, Inventory financing costs for Tata Motors dealers would be reduced thanks to Indian Bank's supply-chain finance infrastructure. They will be able to easily and transparently track and reconcile transactions, repayments, outstanding debt, interest, and fees.
Mr. Ramesh Dorairajan, Vice President Tata Motors Passenger Vehicle said that, We are happy to partner with Indian bank to provide our authorised passenger vehicle dealers this financing option. We are confident that this project will help us realise our aim of expanding PV options, promoting green transportation, and advancing sustainability.
