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| Magma Fincorp ties up with
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New Delhi, March 9/--/ Magma Fincorp Limited, a leading asset finance company, today signed an agreement with VE Commercial Vehicles (VECV) - a 50:50 joint venture between the Volvo Group and Eicher Motors. This tie-up between the two is for the financing of Eicher-branded trucks and buses. The official agreement was signed here by Magma Fincorp vice chairman & MD Sanjay Chamria and Siddhartha Lal, MD & CEO, VE Commercial Vehicles Limited.
Commenting on this Mr Chamria said: “Magma is committed to serve its wide base of customers and offer customized solutions in asset financing in India. The tie up with VECV is in sync with our growth trajectory and we are looking forward to a successful partnership.’’
Mr Lal said: “VECV has recently launched its new range of Eicher heavy-duty trucks - the ‘VE series’, and is gearing up to achieve its wanted position of a 15% share of the Indian heavy-duty truck market by 2015, while growing its light and medium-duty market share to beyond 30 per cent. We now have a very strong line-up of trucks and buses supported by dense sales, service and spare-parts network across India. This tie-up with Magma will be extremely beneficial for us as we would be able to extend our reach across India’s semi-urban and rural areas’’ (EOIC)
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