Tata Motors Passenger Vehicles Ltd. (TMPV) and Tata Passenger Electric Mobility Ltd. (TPEM) on Friday announced partnership with UCO Bank to provide inventory funding solutions to their authorised dealers.
The two firms have signed an MoU for the partnership that will help their dealers manage their working capital needs more efficiently, TMPV said in a statement.
“As we work towards redefining the future of mobility, we are delighted to partner with UCO Bank to assist our authorised dealer partners with an exclusive inventory funding program for both our electric and internal combustion vehicles,” TMPVL Chief Financial Officer Dhiman Gupta said.
He further said, “This collaboration will further strengthen our dealers’ ability to manage their inventory effectively and more importantly, help us deliver a seamless and memorable buying experience for our customers.” Commenting on the partnership, UCO Bank General Manager, Shashi Kant Kumar said dealers play a critical role in the automotive value chain and timely access to working capital is essential for sustainable business growth and operational efficiency.
“We believe this partnership will enable dealers to manage their funding requirements more efficiently ensuring seamless access to finance,” he noted.