Standard Chartered Bank India has announced a strategic partnership with Tata Motors, India's premier automobile manufacturer, to provide Supply Chain Finance Solutions to their passenger Electric Vehicle (EV) dealers.
Standard Chartered Bank has a history of providing inventory funding limits to Tata Motors' Internal Combustion Engine (ICE) dealerships, covering both Passenger and Commercial Vehicle businesses. Under the newly signed Memorandum of Understanding (MoU), the bank will extend additional financing limits exclusively for the procurement of EVs from Tata Motors, facilitated through its subsidiary, Tata Passenger Electric Mobility Limited (TPEML).
Tata Motors has established its dominance in the Indian 4-wheeler EV market, commanding a substantial market share of over 73%.
Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, at Standard Chartered Bank, expressed enthusiasm about supporting Tata Motor’s high-growth EV business. He emphasised the bank's commitment to sustainable industries and highlighted its longstanding partnership with Tata Motors, which spans decades and is one of the bank's most valued relationships globally.
Dhiman Gupta, Chief Financial Officer of TPEML and Director of Tata Motors Passenger Vehicles Ltd, spoke about the changing expectations of EV customers, who seek a differentiated experience throughout their ownership journey with the brand. Gupta expressed satisfaction with the partnership with Standard Chartered Bank, which will benefit all parties involved as they continue to expand their presence in the electric mobility space.
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