In its effort towards increasing EV adoption in the country, Tata Motors, India's leading automotive manufacturer, today announced that it has joined hands with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. Under this scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorized passenger EV dealers of Tata Motors. This additional inventory funding would be over and above the ICE finance limit of the dealers. Repayment tenure will range from 60 to 75 days. Furthermore, IndusInd Bank will also offer additional limit to cater to high demand phases, which will be available to dealers 2 times in a year.
The MoU for this partnership was signed by Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Mr. Sanjeev Anand, Head - Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd.
Commenting on the rollout of this offer, Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. said, "As we move along towards our aim of electrification and green mobility, we are ecstatic to partner with IndusInd Bank to assist our authorized electric passenger vehicle dealer partners with an exclusive financing program. Our dealer network is one of our core support pillars and through their constant efforts we have been able to ride the electrification wave in India. We are positive that through this tie-up, we will make EVs more accessible and the EV buying process, a seamless and a memorable experience for our customers."
Speaking of this partnership, Mr. Sanjeev Anand, Head - Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd., said, "As a bank with sustainability at our core, we are extremely delighted to partner with Tata Motors, one of India's leading automotive brands, to offer an exclusive electric vehicle dealer financing program for authorized passenger EV dealers of Tata Motors. We are proud to partner with the segment leader in the journey toward a sustainable future. Through this tie-up, we are also looking forward to expanding our base into new consumer segments and be a bank of choice providing solutions to meet all banking requirements of the customers."
Tata Motors has been pioneering the Indian automotive market with its groundbreaking efforts, and is currently leading the e-mobility wave in India with a commanding market share of 89%, with over 50,000 EVs produced till date in personal and fleet segments.
Shares of IndusInd Bank Limited was last trading in BSE at Rs. 1180.00 as compared to the previous close of Rs. 1197.95. The total number of shares traded during the day was 138152 in over 3346 trades.
The stock hit an intraday high of Rs. 1199.65 and intraday low of 1178.10. The net turnover during the day was Rs. 163864858.00.
Shares of Tata Motors Limited was last trading in BSE at Rs. 433.05 as compared to the previous close of Rs. 433.20. The total number of shares traded during the day was 402818 in over 7634 trades.
The stock hit an intraday high of Rs. 437.85 and intraday low of 429.55. The net turnover during the day was Rs. 174635372.00.