Standard Chartered Bank, India, has entered into a strategic partnership with Tata Motors, a leading automobile manufacturer in India, to provide supply chain finance solutions to their network of passenger Electric Vehicle (EV) dealers. The bank has a track record of offering inventory funding limits to Tata Motors’ Internal Combustion Engine (ICE) dealerships, covering both Passenger and Commercial Vehicle segments.
Under the newly established Memorandum of Understanding (MoU), Standard Chartered Bank will extend additional financial limits exclusively to dealers for the procurement of electric vehicles (EVs) from Tata Motors. These transactions will be carried out through Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors.
Tata Motors currently dominates the Indian 4-wheeler EV market, boasting a substantial market share of over 73%. This collaboration is expected to further reinforce Tata Motors’ efforts to boost EV adoption in India and facilitate its dealers in securing financing for their EV businesses.
Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, at Standard Chartered Bank, expressed enthusiasm about the partnership, saying, “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.”
Dhiman Gupta, Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors Passenger Vehicles Ltd., emphasized the importance of delivering a unique customer experience in the electric vehicle market. He stated, “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 authorized 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.”
This collaboration underscores the growing importance of financial support and strategic alliances in driving the adoption of electric vehicles in India’s evolving automotive landscape.