Volvo construction equipment

Entity to support Volvo's expansion plans in India

P.P.Basistha


Volvo India Private Limited and SREI BNP Paribas have announced the formation of financial alliance recently in Bengaluru. The collaboration was announced by Mr. John. G. Rakocy, President, Volvo Financial Services and Mr. D.K. Vyas, CEO, SREI Equipment Finance. The alliance will be branded as Volvo Financial Services (VFS) in India.

Mentioning about the tie up Mr. Rakocy said, "The new alliance will enable Volvo to offer complete financial solution through SREI BNP Paribas thereby expanding the market presence of Volvo. Further, the collaboration will provide value to Volvo's existing customers in India allowing us to consolidate our market presence." Mr. Vyas said, "SREI Equipment Finance has been providing financial support for Volvo's construction equipment business, ever since the company launched its excavators in 1998 followed by the launch of motor graders and articulated haulers in 1999. The new collaboration will allow both companies to address new growth opportunities by developing co-branded financing programmes for customers of the Volvo Group and SREI BNP Paribas. "The alliance will be backed up by SREI's twenty-two years expertise in equipment finance, dynamic retail financial packages, asset base of over 12,000 crores supported by a strong national presence with a network of over 87 offices across India.

Volvo construction equipment

VFS is the global finance arm of the Volvo group-manufacturing construction equipment, trucks, buses, drive systems for marine and industrial applications, aerospace components and services and heavy diesel engines from 9-18 litres capacity.VFS was formed in 2001. Its headquartered is in Greensboro, North Carolina, USA with assets over $14 billion and presence in over 40 countries across Asia Pacific, Europe, and US.

Under the agreement, VFS-SREI will finance range of Volvo's products in India through its dealers. Mr. Vyas informed, "To support the alliance, SREI has set up a dedicated team to provide support to Volvo's dealers. The team will look after the disbursal of the finance and collection of the debt." He said, "Making the finance available, bankability of the project where the equipment is going to be deployed will be taken into account, projected cash flow from the project will be seen, the credit worthiness of the buyer will also be evaluated. There would be certain additional tests which the buyer opting to buy Volvo construction equipment would have to pass through. However, our broader objective will be to make the equipment affordable to the buyer. There would be provisions of leasing out the equipment as well."

Volvo construction equipment
The collaboration will also offer assistance to get the commercial vehicles financed pertaining to low and medium duty Eicher Trucks and buses in India with a range of 5-40 tons. Volvo has a joint venture with VE Commercial vehicles-a joint venture between Volvo group and Eicher Motors. VECV joint venture includes the complete range of Eicher's commercial vehicles, components and engineering design business as well the sales and distribution of Volvo trucks. The joint venture has over 7500 employees with sales and support network at 300 points in the country.

Mr.Rackocy said, Volvo will assist the alliance with SREI into a joint venture and is in the process of outlining a three year programme.

A.M.Muralidharan
Speaking to NBM&CW on the sidelines of the event, Mr. A.M.Muralidharan, Managing Director, Volvo India Pvt limited said, "The tie up will provide benefit to our existing dealers by allowing them to provide financial support to retail customers and first time buyers of Volvo equipment. Significantly, the financial collaboration will facilitate our dealers in offering better parts and annual maintenance contract support. Not to mention, it will support proliferation of our new range of construction equipments which is very much in process." Volvo CE does business in India through a distribution network of 13 authorized dealers who operate through 102 service points and 50 service branches.
CCMA Successfully Hosts the 4th International Suppliers Conference 2023 on 'Construction Chemicals for the Next Gen'
The Construction Chemical Manufacturers Association (CCMA) has successfully organized the 4th International Suppliers Conference 2023 on "Construction Chemicals for the Next Gen" on the 4th and 5th of December, 2023, at Taj Vivanta, Navi Mumbai

Read more ...

EXCON Bigger & Better in 2023 - Puts the Spotlight on High-Tech Machines Alternate Fuels Electric Equipment Hydrogen Engines
Spread over 32,00,000 sqft of display area, CII Excon 2023 attracted over 75,000 visitors, 1,021 exhibitors, including more than 100 from overseas (as per preliminary figures; final will be revealed post-UFI audit), and participation

Read more ...

Sustainable Construction takes Center Stage at WOC India 2023
The 9th edition of World of Concrete India was organised by Informa Markets in India, a leading B2B event organizer, at the Bombay Exhibition Centre, Mumbai. The three-day event that concluded on October 20, 2023, was marked by the presence

Read more ...

EXCON 2023: A Window to India's Engineering Prowess & Global Competitiveness
There is a great deal of anticipation amongst exhibitors and visitors from across India and abroad for the upcoming Excon’23. The trade event, one of the largest in Asia in the infra construction equipment sector, has grown

Read more ...

Global Maritime India Summit 2023 Modernizing Logistics and Coastal Shipping
Prime Minister Narendra Modi, while inaugurating the third edition of Global Maritime India Summit 2023 held in Mumbai, remarked that India has a vast coastline, a strong riverine eco-system, and a rich cultural

Read more ...

India Warehousing & Logistics Show A key platform for knowledge sharing in Warehousing & Logistics Industry
The 10th-anniversary edition of the India Warehousing & Logistics Show (IWLS) is scheduled to take place for three days at the Bombay Exhibition Centre, Goregaon (E) in Mumbai from November 21st

Read more ...

Excon 2023 - Propelling India’s Technological Prowess & Global Stature
Preparations for the upcoming Excon 2023 edition are in full swing, with organizer CII, in collaboration with various departments of the Karnataka state government, planning key activities for the attendees. No doubt, given the impressive stature of the

Read more ...

Terex India Hosts TEXCON 2023
Terex India’s TEXCON 2023 event, held at its Hosur facility in Tamil Nadu, showcased an impressive line-up of Technological and Sustainable Solutions for Construction and Recycling Industries. P.P. Basistha reports. Terex, global manufacturer of materials

Read more ...

JCB India: Growing its Excavator Business Across Sectors
JCB India is leveraging its design and manufacturing capabilities to market its excavators as it aims to meet the rising demand from infra development projects. P.P. Basistha witnesses the company’s manufacturing prowess and wide range of products at the

Read more ...

Crane Owners Association of India Organizes 11th AGM
Cowners came together for the 11th Annual General Meeting of Crane Owners Association of India (COAOI) on 29th September 2023 at the Taj Palace Hotel, Mumbai. The gathering included esteemed members of COAOI. SANY India was the event’s partner

Read more ...

ICEMA: Laying the Foundation for a Transformative Future
ICEMA’s CE Technology Summit brought together industry leaders, innovators, and visionaries to identify key challenges in the development and adoption of advanced in-house technologies. “The Technology Vision Roadmap developed by the Construction

Read more ...

Demtech: Bigger & Better in 2023
The second edition of Demtech 2023 Conference and Exhibition, held at Bengaluru on the 28th and 29th September 2023, played host to 450 delegates, representation from 10 countries, and 45 exhibitors. The success of Demtech 23 has once again proved

Read more ...

CCMA to organize 4th International Suppliers Conference 2023 on “Construction Chemicals for Next Gen”
The 4th edition of the International Conference of Suppliers for leading manufacturers and suppliers of construction chemicals is being organized by the Construction Chemicals Manufacturers Association (CCMA). The conference will be held on 4th and

Read more ...

Mumbai to host 3-day India Warehousing & Logistics Show from November 21st
The 10th-anniversary edition of the India Warehousing & Logistics Show (IWLS) is scheduled to take place at the Bombay Exhibition Centre, Goregaon (E) in Mumbai from November 21st. This event, organized by RX India, a part of RX Global (www.rxglobal.com)

Read more ...

CVF Off Highway 2023 - Wraps Up with Remarkable Success
In a whirlwind one-day event featuring 10+ sessions with 40 esteemed speakers, over 35 partners, and a turnout of 350+ delegates, CVF Off Highway 2023 marked a triumphant close of its 3rd Edition. CVF Off-Highway has solidified its position as the

Read more ...

Green Compliant Office Buildings Boom in India
The recently released CBRE-CII joint report titled ‘Indian Real Estate: Taking Giant Strides - 2023 Mid-Year Outlook’ highlights the growing focus of developers and occupiers on sustainability, green-certified office stock in India, which has increased by over

Read more ...

ICEMA Organizes Annual Session on CE Industry
The 2023 Annual Session of ICEMA (Indian Construction Equipment Manufacturers Association) focused on Innovation, Investment, Sustainability and Localization as key imperatives for growth and presented perspectives of industry experts. Union Road

Read more ...

CVF Off Highway Forum - Shaping the Future of Indian Off Highway Equipment Markets
The highly anticipated CVF Off Highway Forum set to take place on August 24th, 2023, at Eros Hotel, New Delhi, will provide a platform for industry professionals to exchange ideas, explore collaborations, and drive innovation. This event will bring

Read more ...

First edition of Construction Tradeshow ‘Gujarat CONEX 2023’ to be held from 21st to 23rd September
Gujarat CONEX 2023, an international trade fair for Construction Machinery, Building Materials & Machines, Mining Machines, and Construction Vehicles is being organized by K and D Communication and Messe Muenchen India in collaboration

Read more ...

CSIR - CRRI Organises ‘One Week One Lab’ Campaign Highlights Waste to Wealth Initiatives
CSIR - CRRI (Central Road Research Institute) hosted a week-long celebration across four major cities - Delhi, Hyderabad, Odisha, and Shillong, during 16 July to 22 July, that showcased the technological breakthroughs and innovations of the CSIR

Read more ...