Omega Seiki Mobility (OSM) today announced the signing of a MoU (Memorandum of Understanding) with Punjab National Bank (PNB). With this tie-up, Omega Seiki Mobility aims to help dealer partners streamline vehicle inventory funding and offer comprehensive retail financing solutions to their customers.
As a testament to their commitment to promote sustainable mobility, Omega Seiki Mobility has successfully financed 8000 electric vehicles, amounting to a disbursement of INR 350 crores, to date. This significant investment underscores their dedication to driving the adoption of electric vehicles in India. Looking ahead, the company has ambitious plans to finance an additional 7500 electric vehicles, with a total value of INR 300 crores, over the next three years.
Providing low-cost innovative financing options for both rural and urban customers is crucial in driving widespread adoption and promoting sustainable mobility in the electric vehicle industry. Rural areas benefit from reliable and cost-effective transportation, which is vital for socio-economic development. Omega Seiki Mobility and Punjab National Bank's partnership prioritizes access to electric vehicles and localized charging infrastructure, empowering rural communities with cleaner and more efficient transportation options. This approach brings transformative impacts like reducing emissions, cutting operational costs, generating employment with better livelihood and, extra earning opportunity for riders fostering socio-economic growth. Simultaneously, urban financing addresses the environmental concerns of urban dwellers, making electric vehicles accessible. Lowering the interest rates for financing encourages a broader segment of society to embrace electric mobility, supporting India's sustainable development goals. OSM will also increase the penetration in the EV eco-system.
Mr Uday Narang, Founder and Chairman of Omega Seiki Mobility, expressed his vision for this transformative partnership, "Today marks a significant milestone as Omega Seiki Mobility joins hands with Punjab National Bank to reshape the landscape of electric mobility financing. This partnership is not just about numbers; it's about fostering a profound shift in how we perceive and access sustainable transportation. Our mission is clear: we aim to provide more than just financing options; we're building a bridge to a greener, more inclusive future for every Indian. As we tap into the extensive network of Punjab National Bank's branches across the nation, we're expanding the horizons of electric vehicle ownership. This partnership doesn't merely enable transactions; it's about empowering individuals, families, and communities. It's about giving wings to aspirations and turning them into reality."
"Electric mobility isn't limited to urban centres; it's a transformative force that can uplift the lives of millions in rural India. By prioritizing access to electric three-wheelers, we are empowering rural India with cleaner, more efficient transportation options and generous earning potentials. We envision a future where electric vehicles become catalysts for positive social change, driving socio-economic development and reducing our carbon footprint." Added Mr. Narang.
Commenting on the Partnership Mr. Amitabh Rai, DGM- MSME, Punjab National Bank said, "Punjab National Bank has teamed up with Omega Seiki Private Limited (OSPL) to offer seamless financing options for electric 3-wheelers! to provide eco-friendly mobility solutions. In this regard, a Memorandum of Understanding (MoU) was signed on 20/07/2023 at PNB HO: Dwarka by Sh. Amitabh Rai (DGM -PNB) & Sh. Udaychandra (Director, OSPL) aimed at providing seamless financing solutions for electric 3-wheelers and cargo loaders. PNB customers can now access exclusive and affordable financing options for electric 3-wheelers (Both passenger & cargo loaders) from Omega Seiki Mobility."
This strategic alliance between Omega Seiki Mobility and Punjab National Bank not only promises hassle-free financing options for customers but also contributes significantly to India's sustainable development goals. By pooling their expertise and resources, the partnership is set to bolster the electric vehicle market and create a greener, cleaner, and more sustainable future for transportation in India. With a visionary approach, both organizations are committed to fostering an environmentally responsible ecosystem while driving economic growth. The collaboration not only benefits customers by facilitating the realization of their electric mobility aspirations but also plays a pivotal role in supporting the nation's sustainable development agenda.
Mr Rakesh Ranjan, Head of Retail Finance at Omega Seiki Mobility, highlighted the significance of the partnership, "Embracing the synergy between sustainable innovation and financial empowerment, the Memorandum of Understanding between Omega Seiki Mobility and Punjab National Bank ushers in a transformative era of eco-friendly mobility, where intellect and conscience converge to drive the wheels of progress towards a greener and more inclusive tomorrow. Our mutual endeavours to empower customers through seamless access to finance for electric vehicle purchases create a unique and unprecedented proposition, fostering a robust ecosystem for electric mobility adoption. As we look ahead, our collective pursuit extends beyond mere commercial success. We envision a future where electric mobility transcends mere transportation and becomes a catalyst for positive social change. In synergy with Punjab National Bank, we aspire to empower rural India with cleaner and more efficient transportation options, propelling socio-economic development and reducing carbon footprints."
With a commitment to catalyze positive transformation, Omega Seiki Mobility and Punjab National Bank are poised to set an unparalleled standard for sustainable mobility within the nation. This dynamic partnership not only strives to create a cleaner, greener future for India but also aspires to galvanize fellow organizations to unite in forging an environmentally-conscious and economically viable path forward. Together, they embody a visionary approach, where shared values harmonize with technological innovation and financial inclusivity, forging a trail towards a more eco-friendly, prosperous, and inclusive India.
Omega Seiki Mobility has established strategic partnerships with esteemed financial institutions such as IDFC and Indian Bank, alongside notable NDFC collaborators including Ecofy, Rise Wise Capital, AMU Leasing, Paisa Lo Digital Limited, Shri Ram Finance, Wheels EMI, Three Wheels United, Vidyu Tech, among others, catering to both Retail and Captive Customers of OSM. These affiliations enable customers to access seamless funding at competitively advantageous interest rates. Through these carefully structured arrangements, customers receive customized, secure, and responsive services, tailored precisely to their unique requirements, accessible through a diverse range of channels. This collaboration not only strengthens existing bank relationships but also empowers financial institutions to extend their reach, serving a broader audience, and thereby contributing to broader financial inclusion initiatives.
Shares of Punjab National Bank was last trading in BSE at Rs. 62.81 as compared to the previous close of Rs. 63.36. The total number of shares traded during the day was 4043307 in over 9500 trades.
The stock hit an intraday high of Rs. 64.15 and intraday low of 62.40. The net turnover during the day was Rs. 256741745.00.