J&K Bank partners with HD Construction Equipment India to ease equipment financing
Srinagar, May 21: As part of its commitment to support infrastructure-led development through institutional finance, J&K Bank today entered into a Memorandum of Understanding (MoU) with HD Construction Equipment India Pvt. Ltd. to facilitate customised financing solutions for Hyundai excavators and wheel loaders under the Bank’s Construction Equipment Finance Scheme.
The partnership aims to facilitate easier access to finance for customers intending to procure construction and mining equipment manufactured and marketed by HD Construction Equipment India Pvt. Ltd. Backed by the company’s established dealer and service network, the arrangement will offer added convenience through customised finance for machines used in road construction, quarrying, warehousing, mining, and large-scale infrastructure projects, especially in J&K.
In a simple but impressive function presided over by General Manager (Retail, Agriculture & MSME) Rakesh Magotra here at the Bank’s CHQ, Deputy General Manager (RAM) Arjun Singh Rathore signed the MoU on behalf of J&K Bank, while Managing Director Seong Woo Shim signed on behalf of HD Construction Equipment India Pvt. Ltd. Senior officials present on the occasion included the company’s AVP Joydeep Bakshi and Head Sales–NCW Sharwan Agnihotri, Bank’s AGM Ashfaq Ahmad Hakak, authorised Hyundai dealer partner for J&K (Fuel Automobiles) Oves ur Rehman, besides other officials of the Bank and the company.
Speaking on the occasion, General Manager (RAM) Rakesh Magotra said, “This MoU underlines the Bank’s continued focus on supporting infrastructure-led growth and entrepreneurship through responsive and need-based financial solutions. By combining the Bank’s strong financing capabilities with HD Construction Equipment India’s trusted range of construction and mining equipment, we aim to facilitate easier access to technologically advanced machinery for contractors, entrepreneurs and businesses engaged in infrastructure creation across Jammu & Kashmir and other regions.”
“Given the rapid pace of infrastructure expansion across the country, especially in the UTs of Jammu & Kashmir and Ladakh, the collaboration will not only simplify the financing process for customers but also contribute towards accelerating economic activity, employment generation and development of critical infrastructure,” he added.
In his remarks on the occasion, Managing Director, HD Construction Equipment India, Seong Woo Shim said, “We are pleased to partner with J&K Bank — the premier financial institution of the region. This collaboration will enhance financing accessibility and strengthen customer support in the region. Through our partnership with J&K Bank, we aim to facilitate faster adoption of advanced Hyundai equipment while contributing to infrastructure growth and economic development in Jammu & Kashmir.”
Notably, the partnership assumes significance in view of the increasing infrastructural development activities across the country, particularly in the UTs of Jammu & Kashmir and Ladakh, where sectors such as roads, railways, hydroelectric projects, tourism infrastructure, and allied construction activities are witnessing rapid growth.
Presenting the vote of thanks on the occasion, DGM (RAM) Arjun Singh Rathore thanked the participants, expressing confidence that the agreement will benefit customers with streamlined financing for advanced equipment and strong after-sales support.
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