Pune, June 14, 2017: ORIX India, one of India’s largest leasing and finance companies and Mahindra & Mahindra’s Medium & Heavy Truck division signed a Memorandum of Understanding today which aims to provide the commercial vehicle buyers in the country with access to convenient and easy availability of commercial loans and leasing solutions with a nationwide reach.
Talking about the MoU, Mr. Sandeep Gambhir, MD and CEO of ORIX India said, “Our partnership with Mahindra broadly aims to improve the condition of India’s Commercial Automobile sector by providing easy access to leasing and financing for commercial vehicle owners. ORIX will offer funding up to 90 percent of the cost of the commercial vehicles with its leasing solutions for tenures ranging up to 5 years at competitive rates. Mahindra & Mahindra addresses every segment of commercial vehicle market and our partnership with them will further fuel their aim to make their vehicles accessible to their users by providing cost effective financing and leasing solutions.”
Speaking on the occasion, Mr. Nalin Mehta, MD & CEO – Mahindra Trucks and Buses Ltd., Mahindra Truck & Bus Division, said “Our truck and bus business has been growing steadily and is taking full advantage of the buoyancy in the HCV segment with excellent growth. We are confident that new BLAZO HCV range will further enhance our position in the market. We are confident of improving the customer value proposition with the new BLAZO series and in the process we have added one more convenience factor for our customers”. He also added “Leasing seems to have hit its stride in the past few years. MTBD has always striven hard to give more value to customers in more ways than one and this MoU with ORIX is one such example. ORIX is a great fit for MTBD because of its nationwide presence and deep understanding of the CV market. ORIX Lease Finance offers industry leading hands-on service that can be tailored to the customer’s unique requirements. The partnership allows Mahindra Truck and Bus to offer attractive financing options on most new Mahindra truck models through its extensive dealer network.”
ORIX provides easy finance for all kinds of commercial vehicles to a broad spectrum of clients consisting of small and large truck & bus operators, schools, distributors of all kinds of products, factory owners, mine owners, building material suppliers, etc. ORIX also offers tailor made financing solutions for the purchase of both used and new LCVs/MCVs/HCVs across the country with flexible loan options.
About ORIX India
ORIX in India is a 100% subsidiary of ORIX Corporation, Japan (ORIX). ORIX is Japan’s Largest Car Leasing Company, Japan’s Second Largest Self-Drive Car Rental Company and World’s 5th Largest Consumer Finance Company. ORIX is globally listed on the New York Stock Exchange and Tokyo Stock Exchange. In India, ORIX has been serving the Indian corporates for over 22 years with several business verticals including Car Rentals, Car Leasing, Employee Transportation Solutions, SME Lending, Service Centres, Self-Drive Car Rentals, Shuttles and Commercial Vehicle Finance. ORIX enjoys the distinction of being India’s largest B2B Car Rental Player, India’s Largest and Most Innovative Car Leasing Company and India’s Second Largest B2B Employee Transportation Provider.
About Mahindra Truck and Bus Division
Mahindra Truck and Bus Division is a division of the Automotive and Farm sector of the US $ 17.8 billion Mahindra Group that provides an entire line of integrated trucking solutions.
The HCV product range has been engineered for Indian requirements with the underlying philosophy of; Made in India, Made for India’. In HCV segment, Mahindra Truck and Bus Division already has reached more than 28,000 trucks on road. The company is in process of addressing every segment of the commercial vehicle market; form 3.5 tonne GVW to 49 tonne GVW, with variants that meet the varying needs of passenger transport, cargo and specialized load applications. The new range of medium and heavy commercial vehicle is being manufactured at the new green field plant at Chakan. The plant, which spans over 700 acres, has been set up with an investment of over Rs. 4,000 Crore and is producing other Mahindra products as well. This helps the Mahindra group to leverage the benefits of synergies of an integrated manufacturing facility. The company offers 5 Years or 5 Lac Km transferable Warranty, which is an industry first and a cost effective AMC.
In the LCV segment, Mahindra Truck and Bus Division has a market share of 9.4% in FY17 . It is all set to further strengthen its position all across India with over 150,000 vehicles already on the roads. The entire range of LCV Load vehicles and & Buses are manufactured in the Mahindra & Mahindra Ltd. facility at Zaheerabad.