J&K Bank inks MoU with SANY Bharat

  • Srinagar
  • 12 Mar 2024

With a view to provide concessions to the prospective borrowers besides convenience, Jammu and Kashmir Bank today entered into an agreement with SANY Heavy India Pvt. Ltd. (SANY Bharat) and become one of the preferred financiers for the purchase of earthmoving and construction equipment manufactured and marketed by the company.

Deputy General Manager (Corporate Banking/MSME) put in his signatures for the Bank, while as the Chief Operating Officer (COO) Sanjay Saxena signed the MoU on behalf of SANY during a ceremony held at the Bank's headquarters, which was also attended by senior officers from both the organizations.

Pertinently, SANY- a global supplier of excavators, cranes, wheel loaders and other heavy machines- is a leading manufacturer of earthmoving and construction equipment in the country.

Terming the association between two leading companies in their own fields a fruitful proposition especially involving a large clientele engaged in construction business, DGM Nishikant Sharma said, "We at J&K Bank always look for opportunities that are beneficial to our customers. With J&K and Ladakh picking up pace in terms of construction of roads/rail links and other developmental works, the demand for earth moving and construction equipment is on the rise. That is where the prospective buyers of SANY equipment will benefit by availing finance under J&K Bank Construction Equipment Finance scheme – an easy-to-avail product tailored to meet the varied financial requirements of people."

He also stressed upon the need to strengthen the relationship between the two companies to achieve mutually beneficial future growth.

Calling J&K Bank a leading force of economic well-being in its core operational geographies COO SANY Sanjay Saxena expressed hope that the tie-up will further boost its sales in this region. He said, "J&K Bank has a huge market share in terms of lending in this part of the world. It is such a great moment for us to enter into a formal tie up with the Bank commanding huge presence across length and breadth of J&K and Ladakh besides its ever increasing pan-India presence.”

“Last year, our sales in J&K saw 80% of our equipment financed by J&K Bank - an indication of its significance and deep penetration. With J&K Bank as preferred financier now, our prospective customers won't have to look further for availing finances for our earthmoving and construction equipment," he added.