Chennai,Dec 13 (PTI) Cholamandalam Investment and FinanceCompany Ltd.,the financial services arm of diversifiedconglomerate Murugappa Group, today said it has inked a'strategic partnership' with manufacturer of earthmoving and construction equipment JCB India Ltd.
As per the agreement, Cholamandalam Investment andFinance Company would finance JCB's entire range ofconstruction equipment and machinery, a company statementsaid.
"We are happy to be partnering with JCB. India is todaywitnessing massive development wherein the infrastructuresector is a key driver for the economy", CholamandalamInvestment and Finance Company Ltd., Vice-Chairman andManaging Director, N Srinivasan said.
"JCB is a world leader and has state-of-the-art productson offer to Indian customers. This alliance is also in linewith our continuous endeavour in enabling our customers toEnter a Better Life", he said.
Till date, over 2.50 lakh units of JCB machines have beensold in India, the statement said.
"We look forward to a long standing alliance and are keento work together with Chola in addition to our other Financepartners", JCB India Ltd., Managing Director and CEO, VipinSondhi said.
Cholamandlam Investment and Finance Company Ltd.,currently operates 725 branches across the country and managesassets above Rs 35,000 crore.
JCB India has five state-of-the-art factories in Indiaand manufactures over 50 products across eight categories, therelease added. PTI VIJ APRAPR.
This is unedited, unformatted feed from the Press Trust of India wire.