Cholamandalam Investment & Finance Company limited (CIFCL) has entered into an agreement with VE Commercial Vehicles Ltd (VECV) for financing latter’s heavy duty trucks and buses, above 16 tonne gross vehicle weight, across the country. This is an extension existing agreement between the two companies.

Vellayan Subbiah, managing drector, CIFCL and Vinod Aggarwal, CEO of VE Commercial Vehicles Ltd signed the memorandum of understanding in Chennai on Saturday.

“We have very a good business relationship. CIFCL is already a leading financier for the Eicher range of light & medium duty trucks. With this next level of relationship covering Eicher heavy duty trucks, CIFCL aims to achieve a healthy Eicher retail credit portfolio by the end of current fiscal,” Vellayan Subbiah, managing director, CIFCL, said.

This arrangement for Eicher brand of heavy duty trucks and buses will strengthen the existing relationship further. The new “VE Series” of fuel efficient heavy duty trucks, launched during the beginning of the year, has got very positive response from the customers. CIFCL’s wide network throughout the country would be extremely helpful in making the finance available to the customers willing to buy our heavy duty trucks and buses,” said Vinod Aggarwal, CEO of VE Commercial Vehicles Ltd.