Chennai: Maruti Suzuki India Limited (MSIL) today announced the signing of Memorandum of Understanding (MoU) with IDBI Bank Limited for inventory funding. This new alliance will empower 4000+ Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital requirements.
The MoU was signed in the presence of Mr. Shashank Srivastava, Senior Executive officer — Marketing & Sales, Mr. Bhuvan Dheer, Executive Vice President — Sales & Network and Mr. Vishal Sharma, General Manager — Allied Business from Maruti Suzuki; and Mr. Rakesh Sharma, Managing Director, Mr. Suresh Khatanhar, Deputy Managing Director, Mr. Nagraj Garla, Executive Director of IDBI Bank, along with other senior members from both the organisations.
Speaking on the partnership, Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “We are elated to partner with IDBI Bank Limited to assist our dealer partners with exclusive financing solutions for inventory funding. We have worked closely with IDBI Bank in developing curated product and end-to-end working capital solutions for our dealer partners across the country. Our dealer partners are the backbone of our business, and we are committed to supporting them in enhancing their capabilities to address the growing Indian passenger vehicle market.”
Commenting on the partnership, Mr. Rakesh Sharma, Managing Director, IDBI Bank, said, “We are delighted to partner with MSIL, the market leader in the automotive sector. IDBI Bank with its 1900+ branches and trusted by its large customer base is well-positioned to provide solutions to MSIL in its rapid growth journey. IDBI Bank’s Supply-Chain Finance will provide easy access to working capital finance to the dealers of MSIL, at favourable terms for driving their business growth. The bank is continuously making its entire processes and products more efficient, flexible, transparent and digital to provide value added services to its customers as well as collaborating partners.”