NBFC Manappuram Finance has signed a memorandum of understanding (MoU) with construction equipment manufacturer JCB India Ltd to finance the ITS range of equipment and engineering products. “This MoU will lead to higher volume growth for both partners. It will help both companies to leverage each other's strengths in the respective markets,” said VP Nandakumar, MD and CEO of Manappuram Finance.
Under the agreement, the finance options will be available across the country. "The pact will go a long way in helping both sides increase their business volumes," according to a press release.
“This agreement with JCB India opens up our network of branches to expand their dealership footprint across India and is an integral part of our efforts to diversify our portfolio offering by making a foray into new verticals to spur growth. It is indeed a major step to boost our business of construction equipment finance,” Manappuram Finance MD said.
JCB India has four factories, one each at Faridabad and Jaipur, two at Pune, and the upcoming factory at Vadodara.
JCB India produces machines with global quality standards and also exports them to 100+ countries. A large part of these machines are sold in the domestic market with financing assistance.
Most of JCB's buyers are from the retail and hiring segment, along with bigger contractors and captive users who buy machines for their infra projects. JCB has a financing tie-up with more than 15 banks.
