With the launch of the Volvo Financial Services offering, the Volvo Group will accelerate its business growth in India
Volvo India Pvt Ltd and Srei BNP Paribas have announced the formation of an alliance to launch a private label retail financing program branded as 'Volvo Financial Services' in India with immediate effect. This will strengthen the Volvo Group's ability to provide full service financial solutions to Volvo Group customers in India and customers of its JV with Eicher Group, viz. VE Commercial Vehicles Ltd. (VECV).
With the launch of the Volvo Financial Services offering, the Volvo Group will accelerate its business growth in India across all of its products by packaging its product offerings with financing through its alliance with Srei BNP Paribas. By engaging the two companies at the sales, marketing and operations levels, the alliance will allow both companies to address new growth opportunities by developing co-branded financing programs and services for customers of the Volvo Group and Srei BNP Paribas.
Srei BNP Paribas is India's largest construction equipment finance company and with this alliance, Volvo Financial Services will leverage Srei BNP Paribas's expertise of over 22 years coupled with a network of 87 offices across India, strong underwriting capabilities and an asset base of over Rs12,000 crore to increase its penetration and give complete financing solutions to customers buying Volvo products in India.
John Rakocy, President of Volvo Financial Services for Asia-Pacific region comments, "After a comprehensive review process, we are excited to alliance with Srei BNP Paribas for Volvo Financial Services in India. The Volvo Group and its distributors will benefit from leveraging Srei's expertise and financial capabilities in credit underwriting, funding, and sales and marketing effectiveness through a private label program under the Volvo Financial Services name. We look forward to continued growth within this key Asian market."
D K Vyas, CEO, Srei BNP Paribas, said, "We have a partnership approach in all our businesses and we are happy to join hands with Volvo Financial Services, in their endeavor to provide financing solutions to Volvo Group customers. We have been financing Volvo Group products since their entry into the country but through this formal association, we will complement each other's strength and further cement our relationship. Srei BNP Paribas's dominant leadership in this business, consistency, innovative financing products, and its distribution should help the Volvo Group increase its market share and participate in the India growth story."
IDBI Bank has commenced “Vikas Yatra” to promote developmental activities in the country
India's leading public sector bank, IDBI Bank has announced the roll out of its Mobile Banking facility.
This mobile banking bus commenced its "Vikas Yatra'' from IDBI Tower, Mumbai on 11 May 2011 flagged off by RM Malla, chairman and managing director, IDBI Bank.
Mobile banking facilitates the usage of modern banking facilities to millions of people across the country. A bus has been converted into a mobile ATM for this purpose. As part of this initiative, the Bank has commenced "Vikas Yatra" to promote developmental activities in the country.
Speaking on this occasion, Shri R. M. Malla said "We are proud to be part of this technological evolution and will continue to play a pioneering role in promoting development of this great nation and its people, in harmony with the nation's plans and priorities. IDBI Bank believes in offering novel services to its consumers, keeping in view a holistic societal development perspective. The ongoing "Vikas Yatra" reiterates this philosophy of the Bank."
ARSS Infrastructure Projects profit after tax (PAT) for FY10-11 is up by 25% to Rs 112.17 crore against Rs90.07 crore for FY09-10
Bhubaneswar-based ARSS Infrastructure Projects said that its income from operation for the financial year ended 31 March 2010-11 stood at Rs1,249 crore against Rs1,006.55 crore for FY09-10. The profit after tax (PAT) for FY10-11 is up by 25% to Rs 112.17 crore against Rs90.07 crore for FY09-10.
Basic EPS stands at Rs75.57 compared to Rs70.48 for the corresponding previous year.
The company has recommended a dividend of 10% (Rs1 per share of Rs10 each) on the paid up capital of the company for the year ended 31 March 2011 subject to the approval of the members at the forthcoming AGM of the company.
The results for the Q4 FY11 show that the Income from operation stood at Rs389.18 crore against Rs401.29 crore for Q4 FY 10. Similarly, profit after tax (PAT) stood at Rs 35.28 Cr. for Q4 FY11 as against Rs 40.13 crore for the corresponding quarter of last year.
Sunil Agarwal, CEO, ARSS Infrastructure Projects Ltd. said, "I am pleased to note that ARSS has emerged stronger in FY 10-11 compared to FY 09-10. We will continue to emphasize more on strategy with discipline in execution which will help us to strengthen ARSS' services nationally while maintaining profitability. We promise to continue delivering maximum value to the growth of all our clients and stakeholders."