The private sector lender IndusInd Bank announced a USD 100 million long-term credit deal with JBIC to assist Indian firms interested in purchasing Japanese construction equipment, on Wednesday.
According to an official release, the financing is being provided through a special agreement inked with Japan Bank for International Cooperation (JBIC) by the lender’s branch in Gift City.
According to the lender, it has engaged into a USD 100 million long-term loan arrangement with JBIC, and the funds obtained would be utilised to support the growth of Japanese construction equipment businesses in India through need-based lending facilities.
Mizuho Bank of Japan, Shizuoka Bank of Singapore, and Joyo Bank of Japan will also co-finance this facility, according to the statement.
IndusInd Bank would extend financing to enterprises in India that are part of the supply chain of Japanese original equipment manufacturers (OEMs).
According to the programme, it will encompass component suppliers and dealers of the selected Japanese OEMs, as well as final customers of construction gear manufactured by those companies. The funds obtained will be utilised to finance enterprises involved in infrastructure development.
Also Read | IndusInd Bank gets RBI nod for reappointing Sumant Kathpalia as MD & CEO
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
