Maruti Suzuki signs MoU with Union Bank of India to enhance inventory funding

Maruti Suzuki India Limited (MSIL) has signed a Memorandum of Understanding (MoU) with Union Bank of India to enhance inventory funding options for more than 4,000 Maruti Suzuki sales outlets across India. 

The agreement was signed in the presence of senior executives from both Maruti Suzuki and Union Bank of India, including Shashank Srivastava, Nobutaka Suzuki, Bhuvan Dheer, Vishal Sharma from Maruti Suzuki, and A Manimekhalai, Rama Subramanian, Sanjay Rudra, Nitesh Ranjan, Nidhu Saxena from Union Bank of India.

Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, commented on the company's enduring partnership with Union Bank of India. He highlighted the company's commitment to nurturing its dealer network and aligning efforts with evolving customer demands. 

“Our partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 300,000 MSIL car finance cases till date. As a next milestone of our association, we are entering into an inventory funding MoU which will focus on innovative financing solutions for dealer partners,” he said, adding that the alliance will leverage the combined capabilities of Maruti Suzuki India and Union Bank to deliver customised retail finance products and comprehensive working capital solutions.

A Manimekhalai, the Managing Director & CEO of Union Bank of India, expressed her delight over the bank's partnership with Maruti Suzuki India and called it a significant move towards offering critical inventory funding support to Maruti Suzuki's widespread dealer network across India. 

She emphasized the bank's commitment to empowering businesses through innovative financial products, with dealer finance being a crucial part of this commitment. She also spoke about the bank's range of products and services tailored to support dealers at all stages of their business journey.