Standard Chartered (OTC:SCBFF) Bank and Tata Motors (NYSE:TTM) have announced a strategic partnership to provide Supply Chain Finance Solutions to Tata's Electric Vehicle (EV) dealers in an effort to stimulate growth in the Indian auto industry. The bank will extend additional inventory funding specifically for EV procurement through Tata's subsidiary, Tata Passenger Electric Mobility Limited (TPEML). This move is seen as a commitment to sustainable industries and enhancing customer experience.
The finance solutions align with Standard Chartered's ongoing support for Tata's Internal Combustion Engine (ICE) dealerships. The partnership is expected to fortify Tata Motors' dominance in the EV market where it already holds a commanding 73% share. It's also designed to stimulate nationwide EV adoption.
Ankur Khurana, co-head of client coverage for corporate, commercial and institutional banking at Standard Chartered, sees this partnership as a way to strengthen the bank's long-standing engagement with the Tata Group. Dhiman Gupta from TPEML views the exclusive financing program as a strategic move to increase EV adoption, support authorized dealer partners, and expand TML's presence in the growing EV market.
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