Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), subsidiaries of Tata Motors, have collaborated with Bajaj Finance to offer supply chain finance solutions to their passenger and electric vehicle dealers. This partnership aims to leverage Bajaj Finance’s extensive network to assist TMPV and TPEM dealers in obtaining funding with reduced collateral requirements.
Mr Dhiman Gupta, who serves as the Chief Financial Officer at Tata Passenger Electric Mobility Ltd. and Director at Tata Motors Passenger Vehicles Ltd. and Mr Siddhartha Bhatt, the Chief Business Officer at Bajaj Finance Ltd., signed the Memorandum of Understanding (MoU) for this collaboration.
Commenting on the partnership, Mr Dhiman Gupta, CFO, TPEM and Director TMPV said:
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 conventional and electric vehicle sectors. The company’s principal philosophy of “New Forever” has resulted in the launch of top-notch products in their respective segments, which are gaining widespread recognition and appreciation from consumers.
Speaking on this partnership, Mr. Anup Saha, Deputy Managing Director, Bajaj Finance Ltd, said:
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 authorized passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market.
Bajaj Finance is among India’s most diversified Non-Banking Financial Companies (NBFCs), offering services in lending, deposits, and payments and serving a large clientele of over 83.64 million customers. As of March 31, 2024, the company’s assets under management amounted to ₹3,30,615 crore.
This partnership will surely benefit EV dealers and further strengthen the growth of the automotive sector in India.
