Chennai: Maruti Suzuki India Limited (MSIL) today announced the signing of Memorandum of Understanding (MoU) with Jammu & Kashmir Bank for Inventory Funding. This new alliance will empower over 4000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital requirements.
The MoU was signed in the presence of Mr. Shashank Srivastava, Senior Executive Officer —Marketing & Sales, and Mr. Vishal Sharma, General Manager — Allied Business from Maruti Suzuki; and Mr. Baldev Prakash, Managing Director & CEO, Mr. Sudhir Gupta, Executive Director, Mr. Ashutosh Sareen, General Manager of Jammu and Kashmir Bank, along with other senior members from both the organisations.
Speaking on the partnership, Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “As a company, we take pride in the robust dealer network which truly forms the bedrock of our business. We are committed to support our dealers in ensuring their readiness as per evolving customer and market needs. Our collaboration with J&K Bank will focus on innovative financing solutions for inventory funding for our dealer partners. This strategic alliance reinforces our long-term association with J&K Bank leveraging the strength of both the MSIL and J&K Bank to offer tailored retail finance products and end-to-end working capital solutions, thus marking a significant milestone for both the organisations.”
Commenting on the partnership, Mr. Baldev Prakash, Managing Director & CEO, J&K Bank, said, “As premier financial institution of J&K and Ladakh, we are delighted to partner with Maruti Suzuki India Limited – 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.”
“And we perceive this partnership more as a strategic alliance. For, while being a win-win for both the partners, it also reflects our commitment towards facilitating customer convenience and fuelling business growth across our operational geographies”, he added.
