ew Delhi: 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.
About Maruti Suzuki India Limited
Maruti Suzuki India Limited (MSIL) is India's leading passenger car manufacturer with a vast network of 4000+ sales and 4700+ service outlets. An extensive product portfolio of 18 vehicles across different price ranges, enables strong market presence, built on customer trust. Maruti Suzuki has an advanced Research and Development facility in Rohtak and multiple manufacturing facilities with production capacity of 22.5 lakh units per annum.
About J&K Bank
Jammu and Kashmir Bank (J&K Bank) headquartered at Srinagar, Jammu and Kashmir is one of the oldest private sector banks in India, incorporated in 1938. The bank also offers a wide range of retail credit products, including home, personal loans, education loan, agriculture loans, trade credit and consumer lending; along with a number of unique financial products tailored to the needs of various customer segments. The Bank has a network of 990+ branches and 1400+ ATMs as on June 30, 2023, spread over 18 states and 4 UTs across the country and a client base of more than 12 million+ customers.
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Email: corp.comm@maruti.co.in | Twitter: @Maruti_Corp
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