South Indian Bank and Steel Authority of India Limited (SAIL) have signed an agreement to provide financial assistance to SAIL dealers across the country.
The MoU was signed by Mr. Praveen Joy of South Indian Bank and Mr. Surendra Kumar Sharma of SAIL on January 11th, 2023. Mr. Jiljith J and Ms. Chaitali Deb were also present at the signing.
South Indian Bank’s CEO, Mr. Murali Ramakrishnan, stated that the partnership will provide SAIL dealers with working capital assistance for steel procurement and will serve the MSME and corporate customers of SAIL through the bank’s 928 branches. The agreement aims to benefit dealers by giving them more financial room to manage their offtake and boost India’s steel production.
Mr. Surendra Sharma, CGM of Finance and CMO of SAIL, added that the partnership will provide SAIL’s dealers with an alternative financing option at competitive prices and will ensure a smooth flow of steel through the supply chain, which will benefit the industry.
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