Mumbai, 29th December 2021: Federal Bank, India’s leading Private Sector Bank today signed a Memorandum of Understanding (MoU), with Schwing Stetter (India) Ltd, a Subsidiary of Schwing GMBH, Germany, one of the largest manufacturers of Concrete and Construction equipment in India.
The MoU was Signed by Mr. Harsh Dugar – Group President and Country Head-Wholesale Banking, Federal Bank and, Mr. V G Sakthi Kumar Managing Director, Schwing Stetter India Pvt Ltd. This MoU will enable both Federal Bank and Schwing Stetter to offer customised financial solutions to their customers. The Bank will work towards catering to the customers’ needs through Commercial Equipment loans with easy monthly repayment plans best suited for the customers. Moreover, the bank will leverage technology for enhancing customer experience.
Federal Bank with its ‘Digital at the Fore and Human at the Core” mantra aims to become the Most Admired Bank of every stakeholder and the signing of the MoU with Schwing Stetter India is a step towards this end.
Speaking on the partnership, Mr. Harsh Dugar- Group President and Country Head-Wholesale Banking, Federal Bank said, “In our Bank, funding for Commercial Equipment and Construction Vehicles is offered through dedicated RMs and wide network of branches. We always try to offer customised solutions to the end user along with attractive commercials combined with better TAT matching the industry standards. With this partnership, we will be able to offer our financial solutions by leveraging the bank’s extensive physical and digital reach to the customers of Schwing Stetter India and its dealers”.
Schwing Stetter India today offers a comprehensive range of Concreting and Construction equipment which includes Concrete batching Plants, Truck Mixers, Self loading Mixers, Truck mounted Boom pumps, Special Placing booms, Shotcrete pumps, recycling plants and Sludge Pumps and other specialized concreting equipment. Schwing Stetter India also markets XCMG Construction equipment such as Hydraulic excavators, Wheel loader, Mobile cranes and Motor graders, HDD and Piling Rigs. Schwing Stetter India is the one stop solution provider for the complete concreting and construction industry.
Commenting on the partnership, Mr. VG Sakthi Kumar, Managing Director, Schwing Stetter India Pvt Ltd said, “India has emerged as the third largest market for Construction equipment globally. Schwing Stetter has in the recent past, expanded the product range that covers the entire spectrum of construction equipment industry. With huge investments taking place through the National Infrastructure pipeline, we hope our association with Federal Bank will help the customers to easily acquire machines built with the best technology, in the state of the art manufacturing facility with futuristic and digitalised solutions for construction industry.”