Srei Equipment Finance Limited, a wholly owned subsidiary of Srei Infrastructure Finance Limited, and Tata Motors have signed a memorandum of understanding (MoU) to finance commercial vehicles with a special focus on construction and mining tippers.
The preferred financier agreement would allow both Srei and Tata Motors to explore enhanced growth prospects in the heavy-duty tipper truck segment in the country, a company spokesman said.
Devendra Kumar Vyas, CEO, Srei, said the 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, he added.
Srei would also aim to expand its penetration in financing and leasing of heavy duty tipper trucks through this partnership.
Rajesh Kaul, head of sales and marketing (medium and heavy commercial vehicle business), Tata Motors, said “the company continues its dominant position in tipper segment. 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”.