Sany Bharat signs MOU with Union Bank of India

With an aim to make equipment financing an easy, efficient, and simple process, Sany Bharat recently signed a Memorandum of Understanding (MOU) with the Union Bank of India. As per the agreement, the network of Union Bank will extend equipment finance to customers of Sany Bharat across the country and in turn, the Bank’s portfolio under equipment finance is likely to strengthen and get a wider reach. While both parties have agreed to pool their resources and capabilities for mutual benefits, buyers of Sany equipment can now avail of a loan of up to 90% of the equipment cost. The flexible payment options offered by the bank will facilitate Sany customers to manage cash flow and help in loan repayment. The widespread presence of Union Bank is expected to facilitate Sany’s customers pan India and thereby fortify infrastructure growth which is significant for creating a Naya Bharat.

The Memorandum of understanding was signed in Mumbai by Dheeraj Panda, Chief Operating Officer (Sales, Marketing & Customer Support) of Sany Heavy Industry India and CM Minocha, Chief General Manager, MSME, Union Bank of India.

Speaking on the occasion, Panda said, “We are delighted to be associated with Union Bank of India, considered to be a pioneer amongst PSU Banks. By enhancing their focus on the MSME sector, the Union Bank of India has eased the financial burden for our existing and potential customers.” Speaking about the significance of owning Sany equipment, he further said, “It’s a well-known fact that Sany equipment signifies quality, productivity, and versatility. By joining hands with Union Bank of India, interest rates will no longer prevent our buyers from becoming proud owners of Sany equipment. Our association with Union Bank will not only be mutually beneficial but has the potential to herald amazing growth prospects for our customers and stakeholders alike.”

As per recent reports, the Union Bank of India has opened funding for the retail and construction Equipment Sector from a Rs 10 lakh loan to Rs 50 crore.

Sany Bharat offers the widest range of construction machinery in India and South Asia. In 2012, Sany Bharat invested more than Rs 750 crore to develop infrastructure for R&D, manufacturing, quality inspection, testing, and service at their manufacturing facility in Chakan, Pune. Through this facility, the company operates in multiple Business verticals viz: earthmoving, lifting, foundation, mining, ports, concrete, roads, and renewable energy solutions. Presently, Sany Bharat offers products like excavators, truck-mounted cranes, all-terrain and rough terrain cranes, crawler cranes, transit mixers, batching plants, boom pumps, trailer pumps, piling rigs, motor graders, pavers, milling machines, compactors, reach stackers, rubber tyred gantry cranes, rail-mounted gantry cranes, mining equipment, wind turbine generators and many more. The company has already established a strong network of around 42 dealers and 260 touchpoints across India to cater to the growing demand and provide support to all its customers and associates. Sany has more than 23,000 machines delivered on the ground, contributing to infrastructure development projects in India and other South Asian countries. Owing to its widest product range, superior build quality, service commitment, innovative solutions, and global expertise, Sany Bharat has achieved market leadership in various construction equipment segments. With the Government of India’s focus on infrastructure development and modernisation, the company is poised for tremendous growth.

Photo caption: Dheeraj Panda, Chief Operating Officer (Sales, Marketing & Customer Support) Sany Heavy Industry India and CM Minocha, Chief General Manager, MSME, Union Bank of India at the signing of MoU.