London, 06 November 2023, (Oilandgaspress) – Standard Chartered Bank, India, today announced that it has partnered with Tata Motors, India’s leading automobile manufacturer, for offering Supply Chain Finance Solutions to their passenger Electric Vehicle (EV) dealers. Currently Standard Chartered Bank offers inventory funding limits to the ICE dealerships of Tata Motors, 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 has been dominating the Indian 4-wheeler EV market commanding a market share of over 73% and this funding solution will further augment the company’s efforts to increase EV adoption in the country and provide its dealers access to finance for their EV business.
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