Maruti Suzuki India today announced the signing of a Memorandum of Understanding (MoU) with Union Bank of India for Inventory Funding. This new alliance further enhances comprehensive inventory funding options for over 4,000 Maruti Suzuki sales outlets across the country.
The MoU was signed in the presence of Shashank Srivastava, Senior Executive Officer — Marketing & Sales, Nobutaka Suzuki, Executive Officer — Marketing & Sales, Bhuvan Dheer, Executive Vice President — Sales & Network and Vishal Sharma, General Manager — Allied Business from Maruti Suzuki; and A Manimekhalai, Managing Director & CEO, Rama Subramanian, Executive Director, Sanjay Rudra, Executive Director, Nitesh Ranjan, Executive Director and Nidhu Saxena, Executive Director, Union Bank of India, along with other senior members from both organisations.
Speaking on the partnership, Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “As a company, we take great care in nurturing our resilient dealer network. We proactively align our efforts to meet the evolving demands of customers and the market. Our partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 300,000 MSIL car finance cases to date.”
He added, “As a next milestone of our association, we are entering into an inventory funding MoU which will focus on innovative financing solutions for dealer partners. This strategic alliance strengthens our enduring relationship with Union Bank, harnessing the combined capabilities of MSIL and Union Bank to deliver customized retail finance products and comprehensive working capital solutions.”
Speaking on the occasion, A Manimekhalai, Managing Director & CEO, Union Bank of India, said, “As one of the largest Public Sector Banks, we are delighted to partner with Maruti Suzuki India Limited (MSIL) – one of the leading car manufacturers in the country. The MoU is surely a big step towards providing vital inventory funding support to Maruti Suzuki’s extensive dealer network seamlessly across the country, reinforcing our dedication to empowering businesses through innovative financial products.”
She added, “Dealer finance stands as a cornerstone of our commitment to dealerships, offering a suite of tailored financial solutions. The Bank’s comprehensive range of products and services is crafted to support dealers at every stage of their business journey. By providing timely access to flexible financing options, we empower dealers to optimize their operations, enhance their competitiveness, and unlock new growth opportunities.”
