27 August, 2010
Tata Motors has entered into an understanding with IndusInd Bank for financing its range of passenger vehicles to provide an added facility of finance to its customers. A memorandum of understanding was signed by senior executives of both the companies today.
Mr. R. Ramakrishnan Vice President, Passenger Vehicle Business Unit, Tata Motors Limited said, ‘The customers of Tata Motors will now have access to customised finance products from IndusInd Bank. We are sure that our growing network will also drive the tie-up to achieve the aspirational growth targets. IndusInd ranks in the top retail financiers for Tata Motors commercial vehicle segment today and we are happy to extend this partnership for our passenger vehicle business as well. IndusInd Bank will be one of the preferred financiers for Tata cars and utility vehicles.’
Announcing the tie-up, Mr S. V. Parthasarathy, EVP-Consumer Finance Division, IndusInd Bank said, ‘With this tie-up IndusInd Bank would be in a position to cater the financial needs of Tata Motors customers for the entire range of vehicles sold by Tata Motors. With their huge reach IndusInd Bank and Tata Motors would be able to cater to AAM AADMI ‘
About Tata Motors
Tata Motors is India’s largest automobile company, with consolidated revenues of Rs. 92,519 crores ($ 20 billion) in 2009-10. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 5.9 million Tata vehicles plying in India, Tata Motors is the country’™s market leader in commercial vehicles and among the top three in passenger vehicles. It is also the world’s fourth largest truck manufacturer and the second largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America. (www.tatamotors.com )
About IndusInd Bank
IndusInd Bank, which commenced its operations in 1994, caters to the needs of both Consumer & Corporate customers. It has a robust technology platform supporting multi – channel delivery capabilities. The Bank enjoys a patronage of 2 million customers and has a network of 224 branches, over 500 business outlet and 533 ATMs spread over 180 geographical locations in 28 states and union territories across the country as on March 31, 2010.