To enhance opportunities and financing for dealers, Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), subsidiaries of Tata Motors, India’s leading automobile manufacturer, have partnered with Bajaj Finance, part of Bajaj Finserv Ltd., one of the largest companies in India, and the most diversified financial services groups. Bajaj Finance will extend its supply chain financial solutions to TMPV and TPEM’s passenger car and electric vehicle dealerships. Through this Memorandum of Understanding (MoU), participating companies will come together to leverage Bajaj Finance’s extensive reach to help TMPV and TPEM dealers access financing with minimum collateral.
The MoU for this partnership was signed by Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., and Mr. Siddhartha Bhatt, Chief Commercial Officer, Bajaj Finance Ltd.
Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., commented on the partnership: “Our dealer partners are an integral part of our business and we are happy to actively work on solutions that help make their lives easier. Together we want to expand the market further and offer our New Forever portfolio to a growing customer base. Therefore, we are pleased to partner with Bajaj Finance for this financing program, which will further enhance our dealer partners’ access to increased working capital.”
Commenting on this partnership, Mr. Anup Saha, Joint Managing Director, Bajaj Finance Ltd, said, “At Bajaj Finance, we have always strived to offer the best processes leveraging the Indian stack of financial technologies that empower businesses. Through this financing program, we provide authorized TMPV and TPEM passenger car and electric vehicle dealers with financial capital that will enable them to take advantage of the opportunities presented by a growing passenger vehicle market. This collaboration is a win-win, benefiting both dealers and the growth of the Indian automobile industry.”
TMPV and TPEM have been pioneers in the Indian automobile market with their pioneering efforts in the ICE and EV segments. The company’s overall New Forever philosophy has resulted in the introduction of cutting-edge products that are widely appreciated by consumers.
Bajaj Finance is one of India’s most diversified NBFCs, active in lending, deposits and payments, serving over 83.64 million customers. As on March 31, 2024, the company’s assets under management stood at Rs 3,30,615 crore.
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