Srei Equipment Finance Limited (“Srei”), a wholly owned subsidiary of Srei Infrastructure Finance Limited, and Tata Motors, India’s largest Automotive Company, have signed a memorandum of understanding to finance Tata Motors commercial vehicles with a special focus on construction and mining tippers.
The preferred financier agreement (“PFA”) will allow both Srei and Tata Motors to explore enhanced growth prospects in the heavy-duty tipper truck segment in the country.
Commenting on the PFA, Devendra Kumar Vyas, CEO, Srei, added: “This partnership programme will enable customers to acquire their preferred brand of vehicle with customised financing solutions. On the other hand, the partnership will facilitate Srei to drive its ‘Asset Life Cycle’ management solutions and multiple customer programmes. Srei has over the past few years carved out a leadership position in the infrastructure equipment financing market due to its customer and manufacturer focussed approach.”
Srei will also aim to expand its penetration in financing and leasing of heavy duty tipper trucks through this partnership.
Rajesh Kaul, Head Sales & Marketing – Medium & Heavy Commercial Vehicle Business, Tata Motors, said: “Tata Motors continues its dominant position in tipper segment with market relevant, technologically superior products, unique value added service offerings and industry’s best, post sales ownership experience. The alliance with Srei is another such initiative by us to make purchases conducive for a larger market base and establish leasing as a preferred option for construction and mining tippers. This would enable both companies to enhance their reach and mutually benefit. We are sure that the industry expertise that Srei brings on table would help us serve our customers better and set new paradigms for the industry.”