Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), have signed a memorandum of understanding (MoU) with Bajaj Finance to extend supply chain financing solutions to their authorised dealer partners. This initiative will help TMPV and TPEM dealers access funding with minimal collateral, thus enhancing their operational efficiency and working capital.
Dhiman Gupta, Chief Financial Officer of Tata Passenger Electric Mobility Ltd and Director of Tata Motors Passenger Vehicles Ltd, stated 'We aim to grow the market and offer our New Forever portfolio to more customers. This partnership with Bajaj Finance will provide our dealers with increased working capital, facilitating ease of business.' TMPV and TPEM have been at the forefront of the Indian automotive market, pioneering advancements in both internal combustion engine (ICE) and electric vehicle (EV) segments. Their New Forever philosophy has led to the introduction of segment-leading products that are well-received by consumers.
Bajaj Finance, one of the most diversified non-banking financial companies (NBFCs) in India, offers a range of financial services including lending, deposits, and payments. With over 83.64 million customers and assets under management worth INR 3,30,615 crore as of March 31, 2024, Bajaj Finance is well-positioned to support this strategic partnership.
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