The country's largest car maker Maruti Suzuki India has signed an initial pact with IDBI Bank to offer financing solutions for dealers.
The new alliance will empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital needs, the automaker said in a statement on Tuesday.
A Memorandum of Understanding (MoU) has been signed with IDBI Bank in this regard.
"We have worked closely with IDBI Bank in developing curated products and end-to-end working capital solutions for our dealer partners across the country," Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.
Dealer partners are the backbone of the company's business and the automaker is committed to supporting them in enhancing their capabilities to address the growing Indian passenger vehicle market, he added.
"IDBI Bank's supply chain finance will provide easy access to working capital finance to the dealers of MSI at favourable terms for driving their business growth," IDBI Bank MD Rakesh Sharma said.