The sales of compact construction equipment is gaining momentum in the Indian context, and therefore, the easy availability of financing options for customers is inevitable. Doosan Bobcat India (DBIN), the Indian subsidiary of the global leader in compact equipment business, organised a financier meet at Chennai. Top level executives from banks which dominate lending in the construction equipment industry, such as ICICI, HDFC, IndusInd, Kotak, and Axis Bank participated in the event. Big names from the non-banking financial institutions like HDB, Cholamandalam, SREI, Sundaram Finance, and Tata Capital were making their presence at the event.
Indian compact construction equipment industry has been growing at a rapid pace over the last few years. Mechanisation required in urban and rural infrastructure development, process industries, solid waste management, waterways, agriculture and plantation are recognised 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 get higher.
This meet was organised by DBIN with an objective of enhancing the business partnership between Doosan Bobcat as a manufacturer of compact equipment and the various major financial institutions. With Doosan Bobcat’s new manufacturing plant at Chennai set to roll out the most awaited Bobcat Backhoe Loaders in just a few months, the timing of the event could not have been more perfect. The synergy created through the collaboration of a manufacturer and finance providers will without a 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 and with the wide product portfolio to suite customer’s requirement.
HS Kim, Director, Commercial, DBIN, said, “Off-highway research showed sales of Indian construction equipment market grew 35 per cent last year. India has not matured as an equipment finance market yet, but it is likely that the captive finance model shall evolve very soon. This is the best time to reach and support people who want to grow but have low financial means and want to fulfill the aspiration of a better life. DBIN’s endeavor is to bring out financing packages which are easy to handle by customers, with less of complexity so that it becomes easy for customers to interact with us, the experienced partner.”
The 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 an end-customer when it can be offered with a trusted and transparent financing experience.