CHOLA INKS STRATEGIC ALLIANCE WITH JCB
New Delhi, December 13, 2017: Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, today announced a strategic partnership with JCB India Ltd, a leading manufacturer of earthmoving and construction equipment in the country. As part of the agreement, Chola will commence financing of JCB’s entire range of construction equipment and machinery and will customize its products and offerings to suit the needs of JCB’s customers. Speaking on the occasion, Mr. N. Srinivasan, Executive Vice Chairman & Managing Director, Cholamandalam Investment and Finance Company Limited said, “We are happy to be partnering with JCB. India is today witnessing massive development wherein the infrastructure sector is a key driver for the Indian economy. JCB is a world leader and has state of the art products on offer to the Indian customers. This alliance is also in line with our continuous endeavour in enabling our customers to ‘Enter a Better Life’.”
Confirming the development, Mr. Vipin Sondhi, Managing Director &CEO, JCB India Ltd. said, “We look forward to a longstanding alliance and are keen to work together with Chola in addition to ourother Finance partners. Through this strategic partnership, our customers willbe able to “Expect More” andwe will aim to give them the best product and finance experience in theindustry. JCB India is a Full Range Infrastructure Equipment partner andtogether we will explore opportunities of growth in the construction equipmentsector in the country.
JCB India is fully committed to back its wide rangeof products with a solutions-based approach to enhance productivity for itscustomers. Over 2,50,000 JCB machines have been built and sold in India tilldate and are helping build the country’s infrastructure. JCB India has alsopioneered in integrating Internet of Things (IoT) and Digital technology in itsmachines through their advanced Telematics technology called “Livelink”
Forthe past 25 years, the vehicle finance business at Chola has created value forits customers by supporting them in becoming entrepreneurs in the field ofcommercial transportation. Chola has financed over 800,000 customers, andincreasing by over 15,000 new customers every month. Chola enjoys a valued andstable relationship with manufacturers and dealers, and is one of the leadersin the commercial vehicle financing segment.