Explorer

Maruti Suzuki Signs MoU With IDBI Bank To Provide Dealer Financing Solutions

The new alliance will empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital needs

Maruti Suzuki India (MSI), the country's largest car maker, has signed an initial pact with IDBI Bank to offer financing solutions for dealers. The new alliance will empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital needs, the automaker said in a statement on Tuesday.

A Memorandum of Understanding (MoU) has been signed with IDBI Bank in this regard. "We have worked closely with IDBI Bank in developing curated products and end-to-end working capital solutions for our dealer partners across the country," MSI Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.

Dealer partners are the backbone of the company's business and the automaker is committed to supporting them in enhancing their capabilities to address the growing Indian passenger vehicle market, he added. "IDBI Bank's supply chain finance will provide easy access to working capital finance to the dealers of MSI at favourable terms for driving their business growth," IDBI Bank MD Rakesh Sharma said.

The company on Tuesday said it has commenced export of the five-door version of its sports utility vehicle Jimny. The model will be shipped to various destinations, including Latin America, the Middle East, and Africa regions.

Earlier, in November 2020, Maruti Suzuki had started production of the three-door Jimny exclusively for exports to areas including Latin America and Africa. In June this year, it launched Jimny five-door in the domestic market. "The India-manufactured Jimny five-door in our export portfolio will surely create excitement among our overseas customers," MSI Managing Director and CEO Hisashi Takeuchi said.

Aligning with the Government's ‘Make in India’ initiative, MSI now exports an extensive range of 17 vehicles across segments, he added. "We remain committed in our efforts to sustain leadership in the export of India-manufactured passenger vehicles," Takeuchi said.

On Monday, capex till 2030-31 could be around Rs 1.25 lakh crore as it plans to enhance product range to 28 models from 17 currently and expand production capacity, according to a regulatory filing. The country's largest carmaker is lining up capex to expand its total production capacity to 40 lakh units per annum by 2030-31.

"The regular capex in the existing plants at Gurgaon, Manesar and Gujarat will continue. The amount in 2022-23 was around Rs 7,500 crore. Total capex till 2030-31 could be as much as Rs 1.25 lakh crore," MSI said.

View More
Advertisement
Advertisement
Sun Jan 12, 12:31 am
connaught place
10.6°
Precipitation: 0 mm    Humidity: 85%   Wind: ENE 7.5 km/h
See Today's Weather
Powered By:
Accu Weather
Advertisement

Top Headlines

Kumbh Was Reduced To Filth, Chaos’ — CM Yogi Adityanath On Maha Kumbh Prep, Sambhal Conflict
EXCLUSIVE: ‘Kumbh Was Reduced To Filth, Chaos’ — CM Yogi Adityanath On Maha Kumbh 2025 Prep
Where Are The Los Angeles Wildfires Burning? See Satellite Images And Know Latest Updates
Where Are The Los Angeles Wildfires Burning? See Satellite Images And Know Latest Updates
Ahead Of Delhi Polls, AAP-BJP War Of Words Over 'CAG Report' On Excise Policy Projecting 'Rs 2,026 Cr Loss'
Ahead Of Delhi Polls, AAP-BJP War Of Words Over 'CAG Report' On Excise Policy — All About It
Delhi Elections: BJP Releases Second List, Kapil Mishra, Ex-AAP Leader Priyanka Gautam Among 29 Candidates
Delhi Elections: BJP Releases Second List, Kapil Mishra, Ex-AAP Leader Priyanka Gautam Among 29 Candidates
Advertisement
ABP Premium

Videos

Breaking News: Major Accident In UP's Kannauj, Rescue Operation Underway For Workers Trapped In Debris | ABP NewsDelhi Election 2025: 'Kejriwal Created This Policy For The Benefit Of Liquor Mafias' - Yogender Chandoliya | ABP NewsKejriwal Faces Challenge As BJP Selects Bidhuri As CM Face, Amit Shah Enters Political Arena With Slum Leaders Dialogue And Criticizes Liquor Scam Allegations | ABP NewsDelhi Election 2025: Amit Shah Launches Scathing Attack On Kejriwal Government At 'Slum Leader Conference', Appeals For Voter Support | ABP News

Photo Gallery

Embed widget