StanChart to provide supply-chain finance to Tata passenger EV dealers

Standard Chartered Bank has signed MoU with Tata Motors to offer supply chain finance Solutions for EV dealers. Bank will extend additional limits to dealers for procurement of EVs from Tata Motors. This move supports sustainable industries and is a testimony of long-standing relationship with Tata Group. Tata Motors is committed to working with right partners to grow EV market.

Standard Chartered Bank, India, has signed a Memorandum of Understanding (MoU) with Tata Motors to offer supply chain finance Solutions for the auto maker’s passenger Electric Vehicle (EV) dealers.

Currently, Standard Chartered Bank offers inventory funding limits to ICE dealerships of Tata Motors across its Passenger and Commercial Vehicle businesses.

As per the MoU, the bank will extend additional limits to the dealers exclusively for procurement of EVs from Tata Motors, through its subsidiary Tata Passenger Electric Mobility Limited (TPEML).

Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, Standard Chartered Bank, said, “This [extension of the facility] 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.”

 Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., said, “The EV customers today expect a differentiated experience at various touch points in their ownership journey with the brand.”

“As leaders of the 4-wheeler EV space, we are committed to working with the right partners in our effort to further grow the market,” he said.