Standard Chartered Bank, India, announced that it has partnered with Tata Motors, India’s leading automobile manufacturer, for offering Supply Chain Finance Solutions to their passenger Electric Vehicle (EV) dealers. Currently Standard Chartered Bank offers inventory funding limits to the ICE dealerships of Tata Motors, across its Passenger and Commercial Vehicle businesses.

The Memorandum of Understanding (MoU) will enable the Bank to extend additional limits to the dealers exclusively for procurement of EVs from Tata Motors, through its subsidiary Tata Passenger Electric Mobility Limited (TPEML).

Tata Motors has been dominating the Indian 4-wheeler EV market commanding a market share of over 73% and this funding solution will further augment the company’s efforts to increase EV adoption in the country and provide its dealers access to finance for their EV business.

Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, Standard Chartered Bank, said,“We are excited to extend our supply chain offering to the high growth EV business of Tata Motors. This augurs well for our strategy to support sustainable industries, and is yet another testimony of our long-standing engagement with Tata Motors and the Tata Group, which spans over many decades and represents one of our most valued relationships globally.”

Speaking on the partnership, Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd, said, “The EV customers today expect a differentiated experience at various touch points in their ownership journey with the brand. As leaders of the 4-wheeler EV space, we are committed to working with the right partners in our effort to further grow the market. To that effect, we are happy to partner with Standard Chartered Bank to further assist our authorised passenger electric vehicle dealer partners with an exclusive financing program. We are confident that this partnership will prove beneficial for all parties as we continue to expand our presence in this space.”

Source: Company Press Release