Thrissur: Manappuram Finance India Ltd (MAFIL) has entered into a Memorandum of Understanding (MoU) with construction equipment manufacturer JCB India Ltd to finance the latter’s range of equipment and engineering products. The agreement was signed by Kamal Parmar, Head, of Vehicle and Equipment Finance, Manappuram Finance, and JCB India representative the other day. As per the agreement, the finance options will be available across the country. The pact will go a long way in helping both sides increase their business volumes.
“We are pleased to announce the signing of an MoU with JCB India for financing a range of their construction equipment. This MoU will lead to higher volume growth for both partners. It will help both companies to leverage each other`s strengths in the respective markets”, said Mr V.P. Nandakumar, MD and CEO of Manappuram Finance.
“This agreement with JCB India opens up our network of branches to expand their dealership footprint across India and is an integral part of our efforts to diversify our portfolio offering by making a foray into new verticals to spur growth. It is indeed a major step to boost our business of construction equipment finance,” he added.
About Manappuram Finance Ltd.
Manappuram Finance Ltd. is one of India’s leading gold loans NBFCs engaged in providing finance against used household gold ornaments. Incorporated in 1992, the company has been promoted by Mr. V.P. Nandakumar (current MD & CEO) whose family has been involved in gold loans since 1949. It is headquartered at Valapad in the Thrissur District of Kerala. The company went public in August 1995 and its shares are listed on the stock exchanges of Mumbai, Chennai, and Kochi.
About JCB INDIA LIMITED:
JCB INDIA LIMITED (U7899DL1979PLC009431), a company registered under the Companies Act, 1956 having its registered office at B-1/1-1, 2nd Floor, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi- 110044. JCB India is the largest manufacturer of Construction Equipment in India, part of the Global JCB group from the UK. JCB India has four factories, 1 each at Faridabad and Jaipur, 2 at Pune, and the one coming up at Vadodara. JCB India produces machines with global quality standards and also exports them to 100+ countries. A large part of these machines are sold in the domestic market with financing assistance. Most of the buyers are from the retail and hiring segment, while bigger contractors and captive users also buy machines for their infra projects. JCB has a financing tie up with around 15+ banks and would like to explore possibilities of starting a mutually beneficial alliance with MAFIL as well.