Standard Chartered Bank To Provide Supply Chain Finance Solution To Tata Motors’ EV Dealers

Standard Chartered Bank in India has partnered with Tata Motors for offering Supply Chain Finance Solutions to their Electric Vehicle (EV) dealers. Currently Standard Chartered Bank offers inventory funding limits to the ICE dealerships of Tata Motors, across its Passenger and Commercial Vehicle businesses. 

The Memorandum of Understanding (MoU) will enable the Bank to extend additional limits to the dealers exclusively for procurement of EVs from Tata Motors, through its subsidiary Tata Passenger Electric Mobility Limited (TPEML).  

Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, Standard Chartered Bank, said “This augurs well for our strategy to support sustainable industries, and is yet another testimony of our long-standing engagement with Tata Motors and the Tata Group, which spans over many decades and represents one of our most valued relationships globally.”

Tata Motors has been dominating the Indian EV market commanding a market share of over 73 per cent and this funding solution will further augment the company’s efforts to increase EV adoption in the country and provide its dealers access to finance for their EV business.

Speaking on the partnership, Dhiman Gupta, Chief Financial Officer at Tata Passenger Electric Mobility and Director, Tata Motors Passenger Vehicles, said, "The EV customers today expect a differentiated experience at various touch points in their ownership journey with the brand. We are happy to partner with Standard Chartered Bank to further assist our authorised passenger electric vehicle dealer partners with an exclusive financing program.”