Standard Chartered Bank has announced that it has partnered with India’s leading automobile manufacturer Tata Motors, to offer Supply Chain Finance Solutions to their passenger Electric Vehicle (EV) dealers. Currently, Standard Chartered Bank offers inventory funding limits to the ICE dealerships of Tata Motors, across its Passenger and Commercial Vehicle businesses.
The MoU will allow the bank to extend additional limits to dealers exclusively for procurement of EVs from Tata Motors through its subsidiary Tata Passenger Electric Mobility Limited (TPEML).Tata Motors will use this funding solution to increase EV adoption in the country and provide dealers with access to finance for their EV business.
Dhiman Gupta, Chief Financial Officer of Tata Passenger Electric Mobility Ltd., said that the partnership will help Tata Motors expand its presence in the EV market and provide differentiated experiences for EV customers.
