Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) subsidiaries of Tata Motors had signed a Memorandum of Understanding (MoU) with Bajaj Finance which is a part of Bajaj Finserv Ltd to provide a diversified range of financing solutions to their dealers. The wide reach of Bajaj Finance will help Tata Motors’ dealers to receive funding on minimum collateral.
On this joint collaboration Mr. Anup Saha, Deputy Managing Director, Bajaj Finance Ltd, commented, “At Bajaj Finance, we have always strived to provide best-in-class processes by using the India stack for financing solutions that empower both individuals and businesses. 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. We are confident that this collaboration will not only benefit dealers but also contribute to, and enhance the growth of, the automotive industry in India.”
It is important to highlight that Bajaj Finance, a highly varied Non-Banking Financial Company (NBFC) in India, operates in lending, savings, and transactions, catering to more than 83.64 million clients. By the end of March 31, 2024, the firm’s total assets managed amounted to ₹3,30,615 crore.
Adding to this Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., remarked, “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.”
TMPV and TPEM have been leading the way in the Indian automotive industry with their innovative initiatives in both traditional combustion engine and electric vehicle sectors. The company’s comprehensive New Forever ideology has resulted in the launch of top-tier products in their respective categories, receiving widespread acclaim from consumers.
