Religare Enterprises - Press Release
Religare Enterprises Ltd has issued the following Press Release regarding the announcement of exclusive strategic tie-up of Religare Finvest Ltd, 100% subsidiary of Religare Enterprises Ltd with Kumar Motors for commercial vehicle financing.
“Religare Finvest Ltd (RFL), a 100% subsidiary of Religare Enterprises Ltd (REL), on April 17, 2008 announced its first commercial vehicles financing partnership by entering into a strategic tie-up with Kumar Motors. The partnership will be on an ‘exclusive’ basis, for both Kumar Motors and Religare Finvest, in the category of light commercial vehicles (3 wheeler category). The term for the contract is one year, following which the contract will be subject to renewal.
According to Mr. Shachindra Nath, Group COO, Religare Enterprises Ltd, “Three wheeler transportation accounts for over 70% of all, cargo movement within the country; the sheer size of the industry offers significant opportunities for any organized player. This strategic tie-up is another step in actualizing Religare’s vision of providing a comprehensive suite of products and services under its NBFC umbrella.”
The commercial vehicle finance provided by RFL will help the small operators to acquire vehicles with minimum hassle and documentation, and provide customized financing options to suit customer needs. RFL will provide funding to the customers of Kumar Motors in the Southern states of Tamil Nadu, Kanataka and Andhra Pradesh, through its existing dealer network and will then be taken forward for a pan-India presence.”
Tags: Religare Enterprises