The sale of Compact Construction Equipment is gaining momentum in India and, therefore, easy availability of financing options for customers is inevitable. Doosan Bobcat India (DBIN), the Indian subsidiary of the global leader in compact equipment business, organized a financier meet at Chennai. Top level executives from ICICI, HDFC, IndusInd, Kotak, and Axis Bank, which dominate lending in the construction equipment industry participated in the event, along with non-banking financial institutions like HDB, Cholamandalam, SREI, Sundaram Finance, and Tata Capital.
Indian Compact construction equipment industry has been growing at a rapid pace over the last few years. Mechanization required in urban and rural infrastructure development, process industries, solid waste management, waterways, agriculture and plantation are recognized as major growth drivers. It is highly anticipated that the need for Compact equipment is set to accelerate in India as labour availability reduces and costs of hiring labour increases.
This meet was organized by DBIN with an objective of enhancing the business partnership between Doosan Bobcat as a manufacturer of Compact equipment and the financial institutions. With Doosan Bobcat’s new manufacturing plant at Chennai set to roll out the most awaited Bobcat Backhoe Loaders, the timing of the event couldn’t have been more perfect. The synergy created through the collaboration of a manufacturer and finance providers will, without doubt, benefit the end-customers in terms of a superior product, yielding the best return on investment with hassle-free availability of credit. Doosan Bobcat India’s vision is to be the market leader in Compact equipment with a wide product portfolio to suit customer requirements.
HS Kim, Director, Commercial (DBIN), said, “Off-highway research has shown that sales of the Indian construction equipment market grew 35% last year. India has not matured as an equipment finance market yet, but it is likely that the captive finance model will evolve very soon. This is the best time to reach and support people who want to grow but have low financial means. DBIN’s endeavor is to bring out financing packages which are easy to handle by customers, with less complexity, so that it becomes easy for customers to interact with experienced partners like us.”
Executives from the various banks and NBFCs felt that through this strategic partnership, a superior quality product from a reputed brand can be made affordable to the end-customer, especially when offered with a transparent financing experience by a trusted financier.