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BEML & SYNDICATE BANK TIE-UP FOR FINANCING EARTH MOVING EUIPMENTS

Apr 22nd, 2019 9:32 pm | By | Category: LATEST NEWS

BEML Signs MoU Syndicate Bank
(THE NEWSMAN OF INDIA)
Syndicate Bank, one of the oldest and leading public sector banks and BEML Limited a ‘Miniratna –Category-I Public Sector Undertaking,havesigned an MOUfor financing Earth Moving & Construction Equipments manufactured by BEML.

The MOU was signed in the presence of Ajay Vipin Nanavati, Chairman, Syndicate Bank, Deepak Kumar Hota, CMD, BEML Limited, Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank,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 D. K. Hota, CMD, BEML.
Under the MOU, BEML will nominate Syndicate Bank as a preferred financer 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 Equipments 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.

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