BharatBenz ties up wuth ICICI Bank for vehicle financing

BharatBenz, the exclusive truck brand for the Indian market by Daimler, world’s leading producer ofCommercial Vehicles, has signed a Memorandum of Understanding (MOU) with ICICI bank, India’s largest private sector bank for financing its commercial vehicles across India. With this agreement, ICICI Bank becomes preferred financer for BharatBenz. With this tie-up, BharatBenz is further strengthening its financing network all over the country as ICICI has a wide network and extensive experience in financing commercial vehicles. ICICI Bank is the second bank to become a preferred financier with BharatBenz. As part of the MoU, ICICI Bank will develop appropriate financing packages to BharatBenz customers all over the country. The agreement was signed by Anup Kumar Saha, General Manager, ICICI Bank and Mr. Hans Luedecke, General Manager, Daimler India Commercial Vehicles Private Ltd. (DICV) in the presence of Marc Llistosella, Managing Director and Chief Executive Officer (DICV), V.R.V. Sriprasad, Vice President – Marketing, Sales and Aftersales (DICV) and Maninder Singh Juneja, Senior General Manager (ICICI Bank) Announcing the tie-up, Marc Llistosella, said, “Being able to win ICICI Bank as a partner in financing BharatBenz trucks is another step in the evolution of Daimler India Commercial Vehicles Ltd. (DICV). This alliance with ICICI Bank, one of the largest networks pan India, highlights our approach of entering the Indian market with tailor-made “customer friendly” offerings. This enhances our reach in providing competitive financing solutions to prospective customers.” Maninder Singh Juneja, Senior General Manager of ICICI Bank, said, “We are very excited about the partnership with BharatBenz, which will help both entities in deepening its base within the commercial vehicle segment in India. With our reach and ability to connect, we are uniquely positioned to aid the potential and existing customers by offering them quick and easy loan term options by this arrangement.” DICV, a 100pc subsidiary of Daimler AG, will roll out trucks in 2012 from its manufacturing facility at Oragadam, near Chennai. Spread over about 160 hectares, the facility also houses a state of the art test track, which is a testimony to the promise of uncompromising quality and performance. Over 3.5 million kilometers of testing has been successfully completed by the company.