The country's largest auto maker, Tata Motors today said it has entered into an agreement with private sector lender IndusInd Bank for financing its dealers.
The agreement will allow dealers of Tata Motors access to finance from IndusInd Bank to meet their working capital requirements in addition to the existing retail finance arrangements, the auto maker said in a statement.
"Tata Motors' commercial vehicle has a good share of business in the retail asset funding through IndusInd Bank and going forward, we want to leverage this tie up to garner even more business in the retail loan segment", Tata Motors Vice President - Sales and Marketing (Commercial Vehicle Business Unit) R Ramakrishnan said.
Commenting on the development, IndusInd Bank Corporate and Commercial Bank Head, Suhail Chander said: "We are already amongst the largest retail financier of commercial vehicles in the country. A channel finance facility to the dealers is a natural corollary to this business."
The statement added that the tie-up for the IndusInd Bank was a part of its strategy to develop supply chain business.
