Caterpillar, a global major in manufacturing earth-moving equipment, extended its arm in India by formally launching CatFinancial that will be based in Bengaluru to provide seamless and easy financial services to its customers.
Caterpillar Financial Services, the wholly owned subsidiary of Caterpillar Inc, will now operate under the name CatFinancial India, along Caterpillar’s two Indian dealers Gmmco Ltd and Gainwell Commo Pvt Ltd that have been supplying the machinery to end users over several decades.
Speaking on the occasion, Caterpillar Financial Services Asia Pacific Vice President Shelley Barret said India is poised to make huge investments in infrastructure development and CatFinancial India will help the country in providing the necessary machinery for faster implementation of various projects on a time-line by offering ease to do business products with seamless financing its equipment in India. ‘’We will also look at first time buyers of Caterpillar machinery in India through Caterpillar Financial Services and provide them with the capital,’’she said.
Barret said Caterpillar, with a global sales and revenues at USD 54.772 bn, is the world’s leading manufacturer of construction and mining equipment and other machinery. ‘’We have 40 CatFin offices worldwide till now, and in India the company has invested one billion dollars in capex and have over 11,000 employees,’’ she said.
Caterpillar Financial Services India Pvt Ltd MD Christopher Lee Farrar said working with the dealers will be important for the financial arm of the company to take its solutions to reach out to company’s customers. ‘’Ease of doing business and prompt time-frame is important for us,’’ he said. Caterpillar’s old time India dealers expressed happiness over CatFin making a foray into India.
‘’This will give one-stop financing to easily buy Caterpillar’s machines in this competitive market’’ Chandrashekar V, Managing Director and CEO of Gmmco Ltd, said. Sunil Kumar Chaturvedi, Chairman and MD of Gainwell Commo Sales Pvt Ltd was present.
(UNI)
