(MENAFNEditorial) INDIA, 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 JCBs entire range of construction equipment and machinery and will customize its products and offerings to suit the needs of JCBs 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 long standing alliance and are keen to work together with Chola in addition to our other Finance partners. Through this strategic partnership, our customers will be able to Expect More and we will aim to give them the best product and finance experience in the industry. JCB India is a Full Range Infrastructure Equipment partner and together we will explore opportunities of growth in the construction equipment sector in the country.
JCB India is fully committed to back its wide range of products with a solutions-based approach to enhance productivity for its customers. Over 2,50,000 JCB machines have been built and sold in India till date and are helping build the countrys infrastructure. JCB India has also pioneered in integrating Internet of Things (IoT) and Digital technology in its machines through their advanced Telematics technology called Livelink
For the past 25 years, the vehicle finance business at Chola has created value for its customers by supporting them in becoming entrepreneurs in the field of commercial transportation. Chola has financed over 800,000 customers, and increasing by over 15,000 new customers every month. Chola enjoys a valued and stable relationship with manufacturers and dealers, and is one of the leaders in the commercial vehicle financing segment.
Cholamandalam Investment and Finance Company Limited (Chola), incorporated in 1978 as the financial services arm of the Murugappa Group. Chola commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and a variety of other financial services to customers.
Chola operates from 725 branches across India with assets under management above INR 35,000 Crores. The subsidiaries of Chola are Cholamandalam Securities Limited (CSEC), Cholamandalam Distribution Services Limited (CDSL) and White Data Systems India Private Limited (WDSI).
The mission of Chola is to enable customers enter a better life. Chola has a growing clientele of over 8 lakh happy customers across the nation. Ever since its inception and all through its growth, the company has kept a clear sight of its values. The basic tenet of these values is a strict adherence to ethics and a responsibility to all those who come within its corporate ambit - customers, shareholders, employees and society.
About Murugappa Group
Founded in 1900, the INR 300 Billion Murugappa Group is one of India's leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., TI Financial Holdings Ltd and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Qumica y Minera de Chile (SQM),Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parrys, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 32,000 employees.
About JCB India
JCB India Limited is a leading manufacturer of Earthmoving and Construction Equipment in India. The company started as a joint venture in 1979 and is now a fully owned subsidiary of J. C. Bamford Excavators, United Kingdom. With five state-of-the-art factories in India, it today manufactures over 50 products in 8 product categories.
The Delhi-NCR factory is the Worlds largest factory for Backhoe Loaders and in addition to Backhoe Loaders, manufactures Telehandlers, Diesel Generators and Diesel Engines. Two World-Class factories at Pune manufacture Tracked Excavators, Wheeled Loaders, Compaction equipment and Fabrications for the Group; while the Jaipur factory manufactures Fabrications, Mini Excavators, Skid Steers and the iconic Backhoe Loaders.
JCB India is a Full Range Infrastructure Equipment partner. Its products are not only sold in India, but have also been exported to over 85 countries. JCB has the largest dealer network in the construction equipment industry with over 60 dealers and 650 outlets spread throughout India.
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