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Pubilic sector BEML , has signed a memorandum of understanding (MoU) for financing earth moving and construction equipment manufactured by BEML with Syndicate Bank.
Syndicate Bank and BEML expect to book business worth ₹100 crore, by March 2020 under this window.
The MoU was signed in the presence of Ajay Vipin Nanavati, Chairman, Syndicate Bank; Deepak Kumar Hota, CMD, BEML; and other senior officials of the two entities.
“BEML has been at the forefront of supporting the MSME sector through the ‘Make In India’ initiative. The signing of the MoU with Syndicate Bank will facilitate loans and address the growing demand for higher capacity equipment in the mining industry. This will also give a fillip to the mining and construction industry in its drive towards mechanisation,” said Hota, CMD, BEML.
Under the MoU, BEML will nominate Syndicate Bank as a preferred financer. Financing equipments of BEML will be covered under the ‘Special’ scheme of the bank.
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