Syndicate Bank and BEML Limited, a 'Miniratna' Public Sector Undertaking, have signed an MOU for financing Earth Moving and Construction Equipment manufactured by BEML.
Under the MOU, BEML will nominate Syndicate Bank as a preferred financer for financing its customers, BEML said.
The customers under the tie-up arrangement will be provided loans in the range of Rs 20 Lakh to Rs 300 Lakh and preferential pricing by Syndicate Bank, it said in a release.
Syndicate Bank and BEML expect to book business worth Rs.100 crore by March 2020 under this window, it said.
The MOU was signed in the presence of Ajay Vipin Nanavati, Chairman, Syndicate Bank and Deepak Kumar Hota, CMD, BEML Limited and Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank, it said.
"The signing of the MOU with Syndicate Bank will facilitate the availability of loans and address the growing demand for higher capacity equipment in the Mining Industry.
This will also give a fillip to the mining &construction industry in its drive towards mechanisation," Hota said.
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