In a significant move, Maruti Suzuki India, the nation’s leading car manufacturer, has entered into an initial partnership with IDBI Bank, aiming to provide dealer financing solutions for their valued dealers.
This innovative collaboration is set to empower more than 4,000 Maruti Suzuki sales outlets spread across the country, granting them access to a wide range of comprehensive inventory financing options to meet their vital working capital requirements. The automaker formally announced this strategic alliance in a statement on Tuesday.
The partnership is cemented through a Memorandum of Understanding (MoU) signed with IDBI Bank, signifying a commitment to bolstering the financial prospects of Maruti Suzuki’s dealer network.
Shashank Srivastava, Senior Executive Officer (Marketing & Sales) at Maruti Suzuki India (MSI), expressed the significance of this partnership: “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.”
Srivastava further underlined the crucial role played by the dealer partners in the company’s operations, emphasizing that Maruti Suzuki is fully dedicated to supporting and empowering them to effectively navigate the ever-expanding Indian passenger vehicle market.
IDBI Bank’s Managing Director, Rakesh Sharma, also shared his insights, noting, “IDBI Bank’s supply chain finance will provide easy access to working capital finance to the dealers of MSI at favorable terms for driving their business growth.”
About Maruti Suzuki India:
Maruti Suzuki India Limited, an Indian subsidiary of the Japanese automotive giant Suzuki Motor Corporation, held a dominant 42 percent market share in the Indian passenger car market as of September 2022. Renowned for producing low-maintenance vehicles tailored to the Indian consumer, the company has solidified its position in the market.
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