Tata Motors' subsidiaries Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) have joined hands with Bajaj Finance, to extend supply chain finance solutions to its passenger and electric vehicle dealers.
Through this memorandum of understanding (MoU), the participating companies will come together to leverage Bajaj Finance’s reach to help dealers of TMPV and TPEM access funding with minimal collateral, the press release noted.
Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., said, "Our dealer partners are integral to our business, and we are happy to actively work towards solutions to help them in ease of doing business."
"Together, we aim to further grow the market and offer our New Forever portfolio to an increasing set of customers. To that effect, we are excited to partner with Bajaj Finance for this financing program, which will further strengthen the access of our dealer partners to increased working capital."
Anup Saha, Deputy Managing Director, Bajaj Finance Ltd, said, "Through this financing program, we will arm TMPV and TPEM’s authorised passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market."