Cholamandalam Investment and Finance Company Ltd. (Chola) has entered a strategic tie up with Escorts Ltd. for retail finance of their Construction Equipment products. Chola is a leading NBFC in the Vehicle Finance business and provides loans for the purchase of commercial vehicles across 530 cities and towns across India. We see many of our customers’ also purchasing construction equipment for their business operations and have recently started offering loans for the purchase of construction equipment also. The tie up with Escorts will help us further enhance our offering to our customers through a wide range of construction equipment and Back hoe loaders manufactured by Escorts.

Escorts Ltd. is one of India’s top manufacturers of agri machinery, construction and material handling equipment, railway equipment’s and auto components. Escorts manufacturers and markets a diverse range of construction and material handling equipment like cranes, loaders, vibratory rollers and forklifts. They have a wide distribution network of over 16 sales offices, 50 dealerships locations and 140 outlets across India. Vellayan Subbiah, Managing Director of Cholamandalam Investment and Finance Company Limited, says “ The Tie up with Escorts draws out mutual synergies with Chola being able to offer financing options over a wider range of products to its customers, and Escorts standing to gain from our Pan-India presence and access to over 5 lakh  customers. We see Escorts as a natural partner and look forward to this tie up translating into a long standing partnership.”

Sunil Saksena, Chief Executive Officer, Escorts Limited, Construction Equipment Division, says “This strategic tie-up will enable Escorts and Chola expand reach to the customer, give him one stop solution. This will draw the best both Chola and Escorts have to offer and increase our customer base. This is a historic movement for both the organisations and we are delighted about the tie-up.