New Delhi : Bank of Baroda has entered into strategic Memorandums of Understanding (MoUs) with Tata Hitachi Construction Machinery Company Private Limited and SANY Heavy Industry India Pvt. Ltd. to enhance financing access for India’s construction and mining equipment sector, with a strong focus on Micro, Small, and Medium Enterprises (MSMEs).
The agreements are aimed at expanding credit availability under the bank’s Construction and Mining Equipment (CME) Finance Scheme, making it easier for businesses to acquire modern machinery and scale their operations. This initiative is expected to play a key role in supporting India’s fast-paced infrastructure development and strengthening the MSME ecosystem.
Strengthening Industry Partnerships
The MoU with Tata Hitachi was signed in the presence of senior leadership from both organizations. Representing Bank of Baroda were Madhur Kumar, Chief General Manager (MSME Banking, Co-Lending & Supply Chain Finance); Dhrubashish Bhattacharya, Head of New MSME Banking; and Ashwini Kumar, General Manager (MSME Banking). Tata Hitachi was represented by Ashish Kumar Arora, Head of Retail Finance.
Similarly, the agreement with SANY Heavy Industry India brought together senior officials including Madhur Kumar, Dhrubashish Bhattacharya, and Brajesh Khale, Assistant General Manager (MSME Banking) from Bank of Baroda. Arun Raghunath, Senior General Manager – Sales Development & Financier Relations, represented SANY at the signing.
Expanding Credit Access for MSMEs
Through these partnerships, Bank of Baroda will offer tailored financing solutions to customers purchasing construction and mining equipment from Tata Hitachi and SANY. The collaboration is designed to streamline loan processing, improve affordability, and widen access to credit—particularly for MSMEs that often face challenges in securing timely funding.
The CME Finance Scheme is expected to benefit contractors, infrastructure developers, and small fleet owners by enabling quicker loan approvals and competitive financing options.
Supporting India’s Infrastructure Push
India’s infrastructure sector continues to be a major driver of economic growth, with increased investments in roads, railways, mining, and urban development. By facilitating easier access to financing for heavy equipment, these MoUs are expected to accelerate project execution and boost productivity across sectors.
The initiative also aligns with the government’s broader push to empower MSMEs, which contribute significantly to employment generation and industrial output in the country.
Outlook
With these strategic alliances, Bank of Baroda is positioning itself as a key enabler of equipment financing in India. The partnerships with Tata Hitachi and SANY are expected to drive higher equipment adoption, improve operational efficiency for businesses, and contribute to sustained infrastructure growth nationwide.