- News>
- Companies & Commodities
Hyundai to ink alliance with PNB, signs pact with Indian Oil
Mumbai, Nov 08: Hyundai Motor India Ltd (HMIL) is to enter into a strategic alliance with Punjab National Bank (PNB) next week even as it signed a pact today with Indian Oil Corporation to have authorised service centres at the oil major`s retail outlets.
Mumbai, Nov 08: Hyundai Motor India Ltd (HMIL) is to enter into a strategic alliance with Punjab National Bank (PNB) next week even as it signed a pact today with Indian Oil Corporation to have authorised service centres at the oil major's retail outlets.
As per the details of the PNB initiative, the bank would market its auto loans from Hyundai outlets while the company can display its advertisements and schemes in the formers premises, HMIL president B V R Subbu said here and added that this alliance was likely to be inked on November 11.
HMIL has similar arrangements with ICICI Bank, HDFC Bank and some foreign banks, he said.
The company currently has 370 service centres across the country. On the sale of cars, he said the company expects to cross the five lakh mark (cumulative) in early December, which currently was pegged at around 4.86-4.88 lakh.
Referring to the tie-up with Indian oil, Subbu said they expect to have around 400-500 such authorised service centres in the first year with an intention to double it in second.
These outlets would have a Hyundai trained mechanic, who would also cater to other makes of cars, he added.
Indian Oil executive Director of retail sales T L Jain said both entities already had an alliance for lubricants and this initiative would further enhance the relationship.
Bureau Report
HMIL has similar arrangements with ICICI Bank, HDFC Bank and some foreign banks, he said.
The company currently has 370 service centres across the country. On the sale of cars, he said the company expects to cross the five lakh mark (cumulative) in early December, which currently was pegged at around 4.86-4.88 lakh.
Referring to the tie-up with Indian oil, Subbu said they expect to have around 400-500 such authorised service centres in the first year with an intention to double it in second.
These outlets would have a Hyundai trained mechanic, who would also cater to other makes of cars, he added.
Indian Oil executive Director of retail sales T L Jain said both entities already had an alliance for lubricants and this initiative would further enhance the relationship.
Bureau Report