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.
Click Here
To Know More or to Contact the Manufacturer
Please let us know your name.
Invalid Input
Please let us know your Designation.
Please let us know your Contact Number.
Please let us know your email address.
Please brief your query.
Our other Value-Added Services:

To receive updates through e-mail on Products, New Technologies & Equipment, please select the Product Category(s) you are interested in and click 'Submit'. This will help you save time plus you will get the best price quotations from many manufacturers, which you can then evaluate and negotiate.

Invalid Input
Invalid Input
Invalid Input
As humanity reeled under the onslaught of Covid-19 and the resultant uncertainty, the world applauded the millions of essential services workers who toiled tirelessly at great risk to their personal health

Read more ...

Despite the pandemic, Changsha International Construction Equipment Exhibition (CICEE 2021) became a huge success with 1,450 exhibitors showcasing their products and technologies on an exhibit area

Read more ...

In an online event, GHH India along with its mining contracting subsidiary, GHH Bumi Mining Service, was awarded ‘Best Performing Business Partner’ by Vedanta Group/Hindustan Zinc Ltd (HZL)

Read more ...

In order to fully implement General Secretary Xi Jinping’s instruction on "building Hunan into a nationally advanced, important highland of manufacturing industry" during his inspection of the Hunan province

Read more ...

Over the years, the IEE Expo has positioned itself strongly as a networking and sourcing platform for elevator and escalator industry professionals, and where buyers can witness the latest technologies and conveniences

Read more ...

Government of India’s ambitious ₹111 lakh crore National Infrastructure Pipeline (NIP), which has already been announced and actioned upon, augurs very well for enabling sectors such as the Indian Construction Equipment

Read more ...

bauma CONEXPO INDIA - north India’s leading International Trade Fair for Construction Machinery, Building Material Machines, Mining Machines and Construction Vehicles - has been rescheduled from 3-6 November 2020

Read more ...

INTRALOGISTICA ITALIA is the only exhibition with a comprehensive offer dedicated to the most innovative solutions and integrated systems for industrial handling, warehouse management, materials storage and picking

Read more ...

The Indian Concrete Institute, Goa Centre, in association with Ultratech Cement Limited organized the 9th ICI-Ultratech Awards Nite on 19th February 2020 at Hotel Fidalgo, Panjim Goa. The annual event was attended by nearly 250 invitees

Read more ...

The Indian Concrete Institute in association with Dayananda Sagar College of Engineering organized a one-day seminar on Geopolymer Concrete Applications: Challenges and Opportunities. In this fast-developing world, it has become

Read more ...

Conexpo 2020 was held as scheduled on March 10, 2020 in Las Vegas, USA. Established Chinese construction equipment enterprises like XCMG, Zoomlion, Sany, LiuGong, Shantui, Sunward, and many more once again demonstrated the strength

Read more ...

Multiple construction and construction materials industry segments unveiled new technologies and products, shared knowledge, networked with industry peers and bought equipment at the CONEXPO-CON/AGG & IFPE 2020, held at the Las Vegas

Read more ...

In line with its strategy to enhance customer experience with minimal downtime of elevators & escalators, and for swift deliveries of spares, KONE has opened a new warehouse at Andheri in Mumbai that houses more than 2000

Read more ...

The 45th edition of World of Concrete for the concrete & masonry industries drew about 54,000 registered professionals to the Las Vegas Convention Center and featured 1,310 companies (including 255 brand new companies) exhibiting

Read more ...

Once a year, the specialist group meets in January to discuss operational issues and projects for the current year. In economic terms, the industry is still at the record level of 2018, and its sales in 2019 will match the previous

Read more ...

Mahendra Singhi (Managing Director & CEO – Dalmia Cement (Bharat) Limited) and Nilesh Narwekar (CEO – JSW Cement) have been elected as the Chair and Co-chair, respectively, of the GCCA India to provide strategic direction

Read more ...

The 2nd Edition of iCEMA Conclave organized by Indian Construction Equipment Manufacturers Association, deliberated on new avenues of construction equipment financing, challenges and measures. NBM&CW reports.

Read more ...

The Indian Concrete Institute, Goa Centre, organized a One Day Workshop on “Recent Advances in Waterproofing Technologies” on 16th January 2020 at Metropole Hall, Hotel Nanutel, Margao Goa, under the aegis of Indian Concrete Institute

Read more ...

At Greenbuild India hundreds of green building and sustainability professionals discussed LEED and green building practices that help deliver a more sustainable future. The U.S. Green Building Council (USGBC) held the third

Read more ...

The Construction Chemicals Manufacturers Association (CCMA) hosted the 7th edition of International Construction Chemicals Conference at Hotel Taj Lands End in Mumbai. The theme was “Role of construction chemicals in infrastructure

Read more ...

×
Sign-up for Free Subscription
'India Construction Week'
Weekly e-Newsletter on Construction Industry
Get the latest news, product launches, projects announced / awarded, government policies, investments, and expert views.