India’s leading global automobile manufacturing company Tata Motors on Monday said it has entered into partnerships with leading private banks, including HDFC Bank, ICICI Bank and Yes Bank, to fund its commercial vehicles.
The tie-ups aim to boost value offerings for customers of both new as well as pre-owned vehicles throughout the customer lifecycle, Tata Motors said in a statement. Besides, offerings arising out of these tie-ups will include ancillary financial provisions like fuel financing, working capital financing, aggregate financing and service cost financing to enable customers to avail financial schemes.
The lenders include HDFC Bank, ICICI Bank, Yes Bank, Equitas Small Finance Bank, AU Small Finance Bank and the newly-merged entities of public sector Union Bank and Punjab National Bank. The NBFCs include Cholamandalam Investment and Finance, HDB Financial Services and Sundaram Finance.
On Monday, shares of Tata Motors closed at Rs 244.50 per share down by 6.070 pc from its previous closing on the National Stock Exchange.
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