Chennai,Dec 13 Cholamandalam Investment and Finance Company Ltd.,the financial services arm of diversified conglomerate Murugappa Group, today said it has inked a 'strategic partnership' with manufacturer of earth moving and construction equipment JCB India Ltd.
As per the agreement, Cholamandalam Investment and Finance Company would finance JCB's entire range of construction equipment and machinery, a company statement said.
"We are happy to be partnering with JCB. India is today witnessing massive development wherein the infrastructure sector is a key driver for the economy", Cholamandalam Investment and Finance Company Ltd., Vice-Chairman and Managing Director, N Srinivasan said.
"JCB is a world leader and has state-of-the-art products on offer to Indian customers. This alliance is also in line with our continuous endeavour in enabling our customers to Enter a Better Life", he said.
Till date, over 2.50 lakh units of JCB machines have been sold in India, the statement said.
"We look forward to a long standing alliance and are keen to work together with Chola in addition to our other Finance partners", JCB India Ltd., Managing Director and CEO, Vipin Sondhi said.
Cholamandlam Investment and Finance Company Ltd., currently operates 725 branches across the country and manages assets above Rs 35,000 crore.
JCB India has five state-of-the-art factories in India and manufactures over 50 products across eight categories, the release added.