Standard Chartered Bank has partnered with Tata Motors to provide Supply Chain Finance Solutions to their passenger Electric Vehicle (EV) dealers. The bank currently offers inventory funding limits across its passenger and commercial vehicle businesses.
The Memorandum of Understanding (MoU) will enable the Bank to extend additional limits to the dealers exclusively for procurement of EVs from Tata Motors, through its subsidiary Tata Passenger Electric Mobility Limited (TPEML).Tata Motors, with a 73% market share in the Indian 4-wheeler EV market, is set to leverage a funding solution to boost EV adoption and provide dealers with finance for their business. Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, Standard Chartered Bank, said, “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.”
