Caterpillar offers product financing options to customers in India
The company and its dealers in India—TIPL and GMMCO— will work with leading banks and finance companies to support the sale of Caterpillar machinery and power systems to customers in India
Kolkata, 9th November 2010: As part of its commitment to enhance customer support, Caterpillar Inc. (CAT: NYSE) subsidiary Caterpillar India Private Limited announced today it has entered into agreements with its dealers in India and with key banks and Non-Banking Financial Companies (NBFCs). The collaboration agreements will give customers in India new finance options for the purchase of Caterpillar machinery and power systems, which are being used to fuel growth and a wide range of development in India.
Caterpillar India and Indian CAT dealers-- GMMCO and TIPL-- have entered into agreements with the following key infrastructure focused banks, ICICI, HDFC Bank, and NBFCs like Tata Capital Services and Magma Fincorp to support the sale of the full range of Caterpillar products sold in India.
"We are very pleased to have facilitated Caterpillar India's alliances with these leading banks and NBFC’s in India,” said Kent Adams, Caterpillar vice president with responsibility for Caterpillar Financial Services Corporation.
Caterpillar India and its dealers have signed Memorandums of Understanding with ICICI, HDFC Bank, Tata Capital and Magma whereby the Caterpillar dealers would apprise prospective Caterpillar customers about the financial solutions and loan advantages being offered by the Preferred Financiers to customers acquiring Caterpillar machinery and engines.
"This is another step that Caterpillar is taking to deepen its support of our customers in India,” said Kevin Thieneman, Managing Director – Caterpillar Asia. “This program recognizes the unique demands of the marketplace in India, and will be tailored to give our customers the level of financing support they would expect from Caterpillar, the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.”
For more than 85 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2009 sales and revenues of $32.396 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines and diesel- electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services.
TIPL is the exclusive dealer for Caterpillar products [construction, mining equipment, engines and genset packages] in North and East India, Bhutan and Nepal.
GMMCO is Caterpillar’s exclusive dealer for the South, West and Central part of India.