Mahindra & Mahindra Ltd. (M&M) today signed a Preferred Financier agreement with Karur Vysya Bank (KVB), one of India’s premier private sector banks with 96 years of banking history. Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 450+ branches of KVB. The MOU was signed by Shri K.V. Rao, General Manager of Karur Vysya Bank and Mr. Atul Sinha, Sr. General Manager – Sales South, Mahindra & Mahindra Ltd., in the presence of Shri K. Venkataraman, MD & CEO, KVB and Mr. V. Krishnaswamy, President & COO, KVB. The tie-up will enable both M&M and Karur Vysya Bank to leverage on the inherent strengths of each other’s vast network of over 250 dealerships and 450 plus branches, respectively. Speaking on the occasion Shri K. Venkataraman mentioned, “KVB is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with M & M will be one such special initiative. Customers of KVB will be benefited out of this tie-up since they will have privileged access to the specialized services of M & M. KVB is coming out with an attractive package for purchasers of M & M vehicles. The Bank will provide loans for purchase of the vehicles at a comparatively low EMI. This coming together of both organizations will definitely benefit customers.”
Speaking on the tie-up, Mr. Arun Malhotra, Senior Vice President, Sales and Customer Care, Automotive Division, Mahindra & Mahindra Ltd., said, “At Mahindra, we relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is surely a step in the same direction. Karur Vysya Bank offers innovative products and services supported by the latest technologies in the banking sector, at affordable rates. KVB’s specialized rates for bus operators, educational institutions and Medium and Small Enterprises will help Mahindra BOP and C.V product range customers. With highly competitive schemes for Car Loans and Commercial vehicles we are hopeful of a good response from our dealers and customers.”
Speaking on the occasion, Mr. Atul Sinha, Senior General Manager – Sales South, Automotive Division, Mahindra & Mahindra Ltd. said “We see great synergy in this tie-up with KVB, as this alliance will open up new markets and customers for both the bank and M&M. With an extensive reach of over 340 branches, in the four Southern States, KVB will help Mahindra reach out to additional customers and address their needs for personal as well as commercial applications. We intend to roll-out the tie-up by conducting Dealer – Branch Manager Meets in all southern territories in a short span of time and optimize the benefit from this tie-up.”
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A US $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.
In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
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For further enquiries please contact:
Ms. Roma Balwani
Senior VP & Group Head – Corporate Communication
Mahindra & Mahindra Ltd
Phone: (+91-22) 24975176