In a strategic move to enhance financing options and streamline the operations for its dealers, Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) have partnered with Bajaj Finance Ltd., a subsidiary of Bajaj Finserv Ltd. This collaboration is set to extend supply chain finance solutions to dealers of both passenger and electric vehicles under Tata Motors.
The memorandum of understanding (MoU) for this initiative was signed by Mr. Dhiman Gupta, Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors Passenger Vehicles Ltd., and Mr. Siddhartha Bhatt, Chief Business Officer of Bajaj Finance Ltd.
Mr. Dhiman Gupta expressed enthusiasm about the partnership, highlighting the importance of dealer networks to Tata Motors’ operations. “Our dealer partners are integral to our business, and we are happy to actively work towards solutions to help them in ease of doing business. Together, we aim to further grow the market and offer our New Forever portfolio to an increasing set of customers. To that effect, we are excited to partner with Bajaj Finance for this financing program, which will further strengthen the access of our dealer partners to increased working capital.”
Mr. Anup Saha, Deputy Managing Director of Bajaj Finance Ltd., echoed this sentiment, emphasizing Bajaj Finance’s commitment to innovative financing solutions. “At Bajaj Finance, we have always strived to provide best-in-class processes by using the India stack for financing solutions that empower both individuals and businesses. Through this financing program, we will arm TMPV and TPEM’s authorized passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market. We are confident that this collaboration will not only benefit dealers but also contribute to, and enhance the growth of, the automotive industry in India.”
Tata Motors continues to lead the Indian automotive market with its innovative offerings in both internal combustion engine (ICE) and electric vehicle (EV) segments. The company’s New Forever philosophy has been instrumental in bringing segment-leading products to the market, which have garnered widespread consumer appreciation.
Bajaj Finance, a highly diversified non-banking financial company (NBFC) in India, offers a wide range of financial services, including lending, deposits, and payments. As of March 31, 2024, Bajaj Finance served over 83.64 million customers, with assets under management totaling ₹3,30,615 crore.
This partnership is expected to significantly enhance the financing landscape for TMPV and TPEM dealers, providing them with better access to working capital and thereby fostering growth within the Indian automotive industry.
