Magma Fincorp ties-up with VECV for trucks, buses

New Delhi, Mar 9 : Magma Fincorp Limited, a leading asset finance company, Tuesday 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 by Sanjay Chamria, Vice Chairman and MD of Magma Fincorp and Siddhartha Lal, MD and CEO, VE Commercial Vehicles Limited at a function held in the city.

Commenting on the occasion, Sanjay Chamria, Vice Chairman and Managing Director, Magma Fincorp Limited 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. We will finance VECV's world-class medium and heavy-duty Eicher range of commercial vehicles through our network of 153 offices pan India."

Magma offers finance for new and used Commercial Vehicle, Passenger Cars and Utility Vehicles, Construction Equipment, Tractors etc. The company also provides SME Finance apart from Insurance facilities, thereby providing single window facility to the customers.

Mr. Siddhartha Lal, Managing Director and CEO, VE Commercial Vehicles, 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 15pc share of the Indian heavy-duty truck market by 2015, while growing its light and medium-duty market share to beyond 30pc ."

"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 to create a distinct demand advantage for the Eicher range and such market penetration will visibly enhance our market share," Lal added.