Tata Group, once led by Ratan Tata, has been expanding its business through new ventures and partnerships. One of its companies has now joined hands with Bank of India whose market is Rs 47991 crore, as of October 7. Tata Motors Finance (TMF), one of India's leading and oldest commercial auto finance companies, and Bank of India have joined forces by entering into a strategic co-sourcing agreement aimed at enhancing financing accessibility for commercial vehicle owners and fleet operators across the country. This will boost last-mile vehicle financing.
The co-sourcing arrangement will capitalize on the strengths and capabilities of both entities, facilitating a quicker, more efficient, and reliable customer experience for last-mile end-users of all commercial vehicle segments. “Our collaboration with Bank of India, a trusted brand name in India's banking space, deeply echoes with our shared commitment to driving financial excellence within Commercial Vehicle ecosystem,” said Neeraj Dhawan, Managing Director (Designate), Tata Motors Finance.
READ | Bhavish Agarwal's Ola Electric shares decline by over 8%, market cap drops to...
Expressing his delight on this strategic partnership, Neeraj Dhawan, further added, “Given the capital-intensive nature of the commercial vehicle and logistics sector, our collaborative strength opens-up numerous avenues to efficiently address and meet the diverse, recurring funding requirements of the sector.”
The co-sourcing framework, meticulously developed by both teams at Bank of India and Tata Motors Finance, is set to channel promising avenues in Commercial Vehicle financing, further elevating the longstanding relationship between Tata Motors Finance and Bank of India to newer heights.
(With inputs from PTI)
