Financial Daily from THE HINDU group of publications
Tuesday, Jan 08, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jan 08, 2002 |
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Alliances & Joint Ventures Corporate - Alliances & Joint Ventures Maruti does a deal with finance majors Our Bureau
MUMBAI, Jan. 7 MARUTI Udyog Ltd (MUL) announced the launch of Maruti Finance on Monday. In an official statement, MUL said that Maruti Finance was one of the four auto-related service businesses it was entering into. ``Together with lease and fleet management for corporates, pre-owned cars and auto insurance, these businesses will enable Maruti to provide mobility-related solutions and extend its relationship with the car customer during the entire ownership cycle,'' a company statement said. Maruti Finance will offer value-added services such as extended warranty, additional service, finance for car insurance and genuine Maruti accessories. For this venture, MUL has forged partnerships with ABN Amro Bank, HDFC Bank, ICICI Ltd, Kotak Mahindra, Standard Chartered Bank and Sundaram Finance, besides its existing joint ventures - Citicorp Maruti and Maruti Countrywide. The new venture will also improve penetration for organised car finance into the upcountry and regional markets, besides opening up fresh business opportunities for MUL's dealerships. Further, the alliance partners can look forward to lower marketing and operations expenses, as Maruti Finance will be conducted on MUL's IT infrastructure which links its dealerships nationwide, the statement said.
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