Toyota Kirloskar Motor Pvt. Ltd (TKM) has signed an Memorandum of Understanding (MOU) with IndusInd Bank to extend car finance to their prospective customers. Consequent to the tie-up, IBL will be one of the preferred financiers for the entire range of vehicles sold by Toyota Kirloskar Motor Private Limited. Both IBL and Toyota dealers will promote various finance options to customers through all branches/business outlets of IBL Bank.
Commenting on the tie-up Mr. Sailesh Shetty, General Manager Sales, Toyota Kirloskar Motor said “In line with its growth, Toyota will continue with its aggressive expansion plan in India by adding to its existing network of dealerships across the country and tying up with banks to make car loans more accessible to our customers. We aim to provide end-to-end financial solutions to our customers through these tie ups”.
Mr. S V Parthasarathy, EVP-CFD, IndusInd Bank, said that “Car Finance is the key focus area of the bank during the current year and this tie-up would be mutually beneficial in furthering this objective. We hope that, IndusInd’s 2 Million customer base and reach of over 700 locations covering tier 2 cities and semi urban areas will prove to be a major asset for the ever expanding business of Toyota Kirloskar Motors.
Outline of TKM
|Company name||Toyota Kirloskar Motor Private Limited|
|Location||Outskirts of Bangalore, Karnataka|
|Establishment||October 1997 (start of production: December 1999)|
|Managing Director||Hiroshi Nakagawa|
|Equity participation||TMC: 89%, Kirloskar Group: 11%|
|Land area||Approx. 432 acres (approx. 1.744,848 m2)|
|Annual production capacity||Approx. 80,000 units
|Products||Corolla Altis, Innova and Fortuner are manufactured in India. Camry, Prado, Land Cruiser and Prius are imported as CBUs.|
|Number of employees||Approx. 3900|
Outline of Second TKM Plant
|Location||On the site of Toyota Kirloskar Motor Private Limited (on the outskirts of Bangalore, Karnataka State)|
|Start of production||Scheduled in December 2010|
|Initial Production Capacity||70,000 units|
Outline of IndusInd Bank (IBL) is a lead private sector bank
The Bank enjoys a patronage of 2 million customers and has a network of 224 branches, over 500 business outlets and 533 ATMs spread over 180 geographical locations in 28 states and union territories across the country. The Bank also has Representative Offices in Dubai and London.