MG Motor India ties up with 5 pvt banks for vehicle finance
New Delhi: MG Motor India on Wednesday said it has tied up with five leading private banks to offer vehicle loans to its customers and dealers. The company said it has signed agreements with Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Yes Bank. “This is in addition to the MoU signed with India's leading public sector lender State Bank of India by the company earlier this week,” MG Motor India said in a statement. The partnerships will provide financing solutions to MG's customers and dealer partners starting with its first launch, the Hector SUV, in the second quarter of 2019, it added. “Through these partnerships, MG Motor India will offer term loans to its customers while also facilitating inventory funding and access to credit solutions for its dealerships,” MG Motor India Chief Commercial Officer Gaurav Gupta said. He further said: “Joining hands with the largest financial institutions in the country will facilitate credit to our dealer partners and customers.” The carmaker said it plans to operate 110 sales and service touch points across India ahead of the launch and is working to provide financial packages to meet requirements of customers.
Optimistic about Indian market: Walmart
New Delhi: US retail major Walmart, which invested USD 16 billion in Flipkart, Wednesday said it is committed to the Indian market and is optimistic despite recent changes in the FDI policy for e-commerce firms in the country. The Bentonville-based retailing major's statement came after a recent report by global consultancy firm Morgan Stanley, which had hinted that Walmart may quit Flipkart as the new foreign direct investment (FDI) policy came into effect, which would lower its profitability in the long run. Morgan Stanley, in a report titled ‘Assessing Flipkart Risk to Walmart EPS’ dated February 4, claimed that “an exit is likely, not completely out of the question, with the Indian e-commerce market becoming more complicated”. “Walmart's and Flipkart's commitment to India is deep and long term. Despite the recent changes in regulations, we remain optimistic about the country,” said Dirk Van den Berghe, Executive Vice President and Regional CEO Walmart Asia and Canada. He added: “We will continue to focus on serving customers, creating sustained economic growth and bringing sustainable benefits to the country, including employment generation, supporting small businesses and farmers, and growing Indian exports to Walmart's global markets.” Tightening norms for e-commerce firms having foreign investment, the government, from February 1, barred online marketplaces like Flipkart and Amazon from selling products of companies where they hold stakes and banned exclusive marketing arrangements that could influence product price. The revised policy on FDI in online retail, issued by the commerce and industry ministry, also said that these firms have to offer equal services or facilities to all its vendors without discrimination. Last year on August 18, Walmart had completed acquisition of 77 per cent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore), a deal which gave the US retailer access to the Indian e-commerce market.