Cholamandalam Investment and Finance Company Limited (Chola) has announced a strategic tie up with Escorts Limited for retail finance of construction equipment products.

 Chola is one of the leading NBFCs in the vehicle finance business and provides loans for the purchase of commercial vehicles across 530-plus cities and towns across India. Whereas Escorts is a manufacturer of agri machinery, construction and material handling equipment, railway equipment and auto components.

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.”