Tata Capital Limited is a subsidiary of Tata Sons Limited, one of the leading financial solutions giant, signed a Memorandum of Understanding (MoU) recently with International Cars and Motors Limited (ICML)
Online PR News – 18-April-2013 – Mumbai, Maharashtra – Tata Capital Limited is a subsidiary of Tata Sons Limited, one of the leading financial solutions giant, signed a Memorandum of Understanding (MoU) recently with International Cars and Motors Limited (ICML), the flagship company of Hoshiarpur based Rs 5000 Crore Sonalika group, for the financing of Muli Utility Vehicle named ‘Extreme’
This is the First Association between two industrial houses Tatas and Sonalika Group. This initiative will provide Loans to ‘Extreme’ customers by Tatas at a very reasonable interest rate of 11.00 % per annum through transparent, simple, quick processing, and unique schemes of Tatas with loan upto 90% of on-road-cost of the vehicle.
The MoU was signed by Mr. Akshay Sangwan CEO, ICML and Mr. R.Vaithyanathan, Managing Director, Tata Capital. The main objective of signing the MoU is to bring synergy in the business development endeavors of both the industrial giants involved.
Tata Capital whose net worth is in excess of Rs. 3000 Crores is a Tata Group Company & has a huge branch network of 125 branches PAN India to cater to the needs of retail customers besides 2 branches in London and Singapore. As informed by Mr. Ramesh Ramsinghaney, General Manager, ICML the MoU between the two parties is an agreement for 3 years vide which Tata Capital will finance ‘Extreme’ range of MUVs besides all upcoming models of ICML as also Used Cars of ICML. Mr. Ramsinghaney further clarified that , ICML has a vast dealer network across the country and the MoU will provide the right kind of platform for both Tata Capital and ICML to penetrate deep into the markets, the signing of this MoU will help ICML increase its volumes substantially and will provide right business-opportunity to Tata Capital.
ICML Known for manufacturing Multi Utility Vehicles well suited to meet the needs of Indian as well as global customers, displayed the ‘Extreme’ an SUV with an option of 7 to 10 seating arrangement , Oyster a double cab for life style, and Windy a 1.2 ton single cab commercial Pick Up vehicle during 11th auto expo 2012.at.New.Delhi.
Equipped with New generation 2 litre G-One Series CRD-Fi engine the all new muscular SUV “Extreme “ remained the centre of attraction during the exhibition. These new products have the better performance and the suspension which assures great ride and accentuated comfort. The Piezo technology based CRD-Fi engines delivers 120 bhp and max torque of 280 Nm. It is a value-for-money-vehicle in its class and gives 17 Kms per Ltr of Diesel. This is the same engine which is now being supplied to General Motors India for their Chevrolet Tavera MUV.
With a huge facility of manufacturing vehicles at the Amb Plant in Himachal Pradesh in UNA district, the company besides catering to domestic market is also eyeing exports to international markets like Malaysia, Nepal, Bangaldesh, Sri Lanka.&.Indonesia.