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State Bank of India (SBI) has signed a loan agreement amounting to up to $ 1 billion with Japan Bank for International Cooperation (JBIC). SBI had signed a similar deal with JBIC in October last year.
The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.
JBIC is a policy-based financial institution, wholly-owned by the Japanese government.
Dinesh Khara, Chairman, SBI, said: “The Covid-19 crisis has delivered a significant shock to global trade, disrupted production lines, and depressed global demand. At a time when people are preferring personal mode of transport, this collaboration between SBI and JBIC will help the bank in extending loan facility to entire supply chain of Japanese automobile industry, including suppliers, dealers and ultimately to the end users.”
Ayukawa, MD and CEO, Maruti Suzuki, said: “Maruti Suzuki is making efforts to balance between the environmental friendliness of our vehicles and our customer’s need. The special support for our environment friendly vehicles will accelerate Suzuki group’s initiative towards environmental care.”
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