Cat launches financial arm in India; opens up business opportunities for customers

Caterpillar, a global major manufacturer of earthmoving equipment, is committed to offer financial and extended protection services and solutions to its customers. Towards this end, it has launched its financial arm in India – the company’s 41st globally. Caterpillar Financial Services India Pvt. Ltd. effective from July 1, 2019 and headquartered in Bangalore, along with Caterpillar’s two Indian dealers, Gmmco Ltd and Gainwell Commosales Pvt Ltd, will support customers in India by offering a one-stop solution for customized financial services for a range of Cat products.

Shelley Barrett, Vice President, Caterpillar Financial Services Asia Pacific said, “Caterpillar has invested one billion dollars in Capex so far, in India. We have 40 Caterpillar Financial offices worldwide and our Indian operation marks our presence in the 41st location. For over 35 years, we have been helping Caterpillar and our customers succeed by offering financing and leasing services for heavy construction, general construction, forestry mining, waste, industrial, quarry and aggregrates, engines etc.”

Cat Financial India will enable Caterpillar India dealers to provide financial solutions in a responsive and timely manner to meet customers’ needs and support them in expanding their businesses. Added Barrett, “Most customers in the construction industry in India are looking for effective and efficient financing solutions. With the feedback from our dealers and customer partners, and also looking at the huge investment and demand for infrastructure in the country, we are confident that our financial arm in India will help our partners in the country to grab the business opportunities. Our large, mid-size, small, and even the first-time buyers of Caterpillar machines will be benefit from our financing solutions.”

Christopher Lee Farrar, MD, Cat Financial India, commented, “Construction and infrastructure are priority sectors and key drivers for the Indian economy, and the launch of our Cat Financial office further demonstrates and strengthens our commitment to our local customers. We offer an array of financial plans, flexible payment schedules, and competitive rates. We look forward to working with our dealers to ensure that our financial solutions reach our customers with ease and in a prompt time frame. Our new office presence in India will not only help support Caterpillar’s growth in an emerging region, but will also create a competitive edge and an opportunity to provide highly differentiated financial services to customers by leveraging data and technology to make their experience inclusive, seamless and transparent.”

He informed that Caterpillar has been building the world’s infrastructure for over 90 years and in partnership with its independent dealers, is driving positive and sustainable change in every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. The company principally operates through its three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment - Cat Financial which offers a wide range of financing and extended protection alternatives for Cat® machinery and engines and Solar® gas turbines, as well as other equipment and marine vessels. It also extends loans to customers and dealers around the world.

Sunil Kumar Chaturvedi, CMD, Gainwell Commosales, said, “It couldn’t have been a better time to start bespoke financing solutions. Our government is putting a lot of emphasis on sustainable infra construction for which we need the right equipment and machines. Financing services to Cat customers will help them grab upcoming opportunities as they will have the capital to buy the necessary equipment to complete their projects on time. This initiative will further strengthen our relationship with our customers.”

“With the financing options and unique services that Cat Financial India offers, our customers will now have access to one-stop financing to easily buy Caterpillar’s productive, reliable and innovative machines in the competitive Indian market,” commented Chandrashekar V, MD & CEO, GMMCO.

Bansidhar Jaganath Phansalkar, Country Manager, Caterpillar India, added, “We are proud to be associated with the development of the country as Caterpillar has been partnering with Indian infrastructure (oil and gas, turbines & turbo machines), transportation (diesel-electric locomotives), power and energy (diesel and natural gas engines), mining and construction sectors (earthmoving and mining equipment). Now with the financing solution, the company is committed to offering financial and extended protection services and solutions to its customers. Ease of doing business with transparency and within the scheduled time frame is very important for Cat.”

Bansi Phansalkar, Director-Global Engineering Caterpillar ITDD, Country Manager,Caterpillar India, Christopher Lee Farrar, Managing Director, Caterpillar Financial Services India Private Limited, Shelley Barrett, Asia Pacific Vice President, Caterpillar Financial Services, Sunil Kumar Chaturvedi, Chairman & Managing Director, Gainwell Commosales Pvt Ltd. and Chandrashekar V, Managing Director & CEO, Gmmco Ltd.