BEML & Syndicate Bank Tie-up For Financing Earth Moving Equipment
Syndicate Bank and BEML Limited a 'Miniratna - Category-l Public Sector Undertaking, have signed an MOU for financing Earth Moving & Construction Equipment manufactured by BEML.
The MOU was signed in the presence of Shri Ajay Vipin Nanavati, Chairman, Syndicate Bank, Shri Deepak Kumar Hota, CMD, BEML Limited, Shri Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank, Shri B R Viswanatha, Director (M&C), BEML and other senior officials from the respective organisation.
"BEML has been at the forefront of supporting the MSME sector through the ’Make In India’ initiative. The signing of the MOU with Syndicate Bank will facilitate the availability of loans and address the growing demand for higher capacity equipments in the Mining Industry. This will also give a fillip to the mining & construction industry in its drive towards mechanization," said Shri D. K. Hota, CMD, BEML.
Under the MOU, BEML will nominate Syndicate Bank as a preferred financier for financing its customers. The customers under the tie-up arrangement will be provided loans in the range of Rs. 20 Lakh to Rs. 300 Lakhs and preferential pricing by Syndicate Bank. Financing Equipment of BEML will be covered under ’SPECIAL' scheme of the Bank.
Syndicate Bank and BEML expect to book business worth Rs.100 cr. by March 2020 under this window.