Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, has announced a strategic partnership with JCB India Ltd, a leading manufacturer of earthmoving and construction equipment in the country.
As part of the agreement, Chola will commence financing of JCB's entire range of construction equipment and machinery and will customize its products and offerings to suit the needs of JCB's customers.
Speaking on the occasion, Mr. N. Srinivasan, Executive Vice Chairman & Managing Director, Cholamandalam Investment and Finance Company Limited said, "We are happy to be partnering with JCB. India is today witnessing massive development wherein the infrastructure sector is a key driver for the Indian economy. JCB is a world leader and has state of the art products on offer to the Indian customers. This alliance is also in line with our continuous endeavour in enabling our customers to ‘Enter a Better Life'."
Confirming the development, Mr. Vipin Sondhi, Managing Director & CEO, JCB India Ltd. said, "We look forward to a long standing alliance and are keen to work together with Chola in addition to our other Finance partners. Through this strategic partnership, our customers will be able to "Expect More" and we will aim to give them the best product and finance experience in the industry. JCB India is a Full Range Infrastructure Equipment partner and together we will explore opportunities of growth in the construction equipment sector in the country.
JCB India is fully committed to back its wide range of products with a solutions-based approach to enhance productivity for its customers. Over 2,50,000 JCB machines have been built and sold in India till date and are helping build the country's infrastructure. JCB India has also pioneered in integrating Internet of Things (IoT) and Digital technology in its machines through their advanced Telematics technology called "Livelink".
For the past 25 years, the vehicle finance business at Chola has created value for its customers by supporting them in becoming entrepreneurs in the field of commercial transportation. Chola has financed over 800,000 customers, and increasing by over 15,000 new customers every month. Chola enjoys a valued and stable relationship with manufacturers and dealers, and is one of the leaders in the commercial vehicle financing segment.
Shares of Cholamandalam Investment and Finance Company Ltd was last trading in BSE at Rs.1294.1 as compared to the previous close of Rs. 1275.7. The total number of shares traded during the day was 10576 in over 626 trades.
The stock hit an intraday high of Rs. 1300 and intraday low of 1262.75. The net turnover during the day was Rs. 13604143.