Toyota Kirloskar Motor Partners with UCO Bank for Value-added Financing Solutions
News Editor, Takmaa news, Kolkata, 8th Sept 2022 : Continuing its efforts towards consolidating the company’s Customer-First philosophy, Toyota Kirloskar Motor (TKM) today announced the signing of a Memorandum of Understanding (MoU) with India’s leading banking platform, the UCO Bank. Envisaged to enable more and more customers further access to Toyota’s world-class products and services, this partnership will benefit customers from not only Tier I markets, but across all States and Union Territories, and a with higher focus on Tier II & Tier III markets.
Through its foray into the A&B-segment with new model launches like the Cool New Glanza, Urban Cruiser and the recently unveiled Urban Cruiser Hyryder, TKM has had a sustained focus on expanding its footprints across India with special focus on Tier II & III markets. This new tie-up will fortify TKM’s efforts to enhance value-added offerings for customers based in Tier II & III markets. Thereby, also ensuring customers’ easy accessibility to the complete range of vehicles sold by Toyota Kirloskar Motor in India.
Sharing his view on the tie-up, Shri. Satya Ranjan Panda, General Manager, Marketing & Wealth Management Dept., UCO Bank, said, “We are excited to collaborate with Toyota Kirloskar Motor as they are one of the leading car manufacturers. With this new partnership, we are confident in reaching out to our customer base in Tier I, II & III cities and towns through our huge network of over 3,000 branches”.
Shri. S K Sankhyan, General Manager, Retail Banking Dept., UCO Bank, stated, “We are sure the tie-up will result in a quick and seamless purchasing experience for our existing customers who plan to purchase a Toyota. It also marks the beginning of an exciting phase in the relationship between UCO Bank and Toyota Kirloskar Motor towards serving customers together”.
Talking about the new partnership, Mr. Atul Sood, Associate Vice President, Sales, and Strategic Marketing, TKM, said,“Following our successful foray into the A&B-segment, there is a great demand for Toyota vehicles in rural markets, and we are determined to meet the growing surge and improve the sales experience of our customers across the country. As a customer centric company, we have always innovated to provide unique and attractive financial schemes & offers to our customer to ensure that they enjoy easy access to our world-class line-up of Toyota vehicles in India. UCO Bank’s wide network, and database utilization will help us identify new customers and we hope to build on our individual strengths to create the best solutions for our esteemed customers, together”.
Toyota Kirloskar Motor always strives to improve customer experience throughout the life cycle by implementing timely and relevant schemes such as easy financing options. Aimed at making ownership of Toyota vehicles an easy process for customers, TKM has always explored innovate tie-ups with leading financial institutes across the country. The offers go beyond purchase of just new vehicles to cover used cars as well as service packages thus creating overall positive buying and ownership experience of Toyota cars.
Overview of TKM
| Company name | Toyota Kirloskar Motor Private Limited |
| Equity participation | Toyota Motor Corporation, Japan: 89%, Kirloskar Systems Limited (Mr. Vikram S. Kirloskar): 11% |
| Number of employees | Approx. 6,000 |
| Land area | Approx. 432 acres (approx.1,700,000 m2) |
| Building area | 74,000 m2 |
| Total Installed Production capacity | Up to 3,10,000 units |
Overview of TKM 1st Plant:
| Established | October 1997 (start of production: December 1999) |
| Location | Bidadi |
| Products | Innova, Fortuner manufactured in India. |
| Installed Production capacity | Up to 1,00,000 units |
Overview of TKM 2nd Plant:
| Start of Production | December 2010 |
| Location | On the site of Toyota Kirloskar Motor Private Limited, Bidadi |
| Products | Camry Hybrid, Hilux |
| Installed Production capacity | Up to 2,10,000 units |
