Standard Chartered Bank has partnered with Tata Motors, India’s leading automobile manufacturer, to offer Supply Chain Finance Solutions to their passenger Electric Vehicle (EV) dealers. The bank will extend additional limits to dealers exclusively for procurement of EVs from Tata Motors through its subsidiary Tata Passenger Electric Mobility Limited (TPEML).
Tata Motors, with a market share of over 73%, will use this funding solution to increase EV adoption in the country and provide dealers with access to finance for their EV business.Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, Standard Chartered Bank expressed excitement about the extension of its supply chain offering to Tata Motors’ high-growth EV business.
He added, “We are excited to extend our supply chain offering to the high-growth EV business of Tata Motors. This augurs well for our strategy to support sustainable industries, and is yet another testimony of our long-standing engagement with Tata Motors and the Tata Group, which spans over many decades and represents one of our most valued relationships globally.”
