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Escorts Launches Crop Solutions, signs MoU with SBI

MoU to facilitate lease hire, sale and service of Escorts farm equipment

Faridabad, June 4, 2013 : Escorts Limited, India’s leading tractor manufacturer, today signed a Memorandum of Understanding (MoU) with State Bank of India (SBI) for providing financial assistance to its newly launched agri service infrastructure called ‘Escorts Crop Solutions’.The signing ceremony was presided over by Mr. Ashish Kumar Roy, Chief General Manager, State Bank of India and Mr.Rajan Aggarwal, Head Crop Solutions& Application Marketing,along withMr. A Biswas, Head Commercial of Escorts Agri Machinery.

This tie –up shall help in boost the farm mechanization at grass root level in India.

‘Escorts Crop solution(ECS)’ is an initiative through which Escorts intend to provide“end to end farm machinery” through custom hiring route to small and marginal farmers.The company is establishing Escorts crop solutions centers both at district and talukas/village levels called ECS ‘Main dealer’ and ‘Extension dealer’ respectively. These custom hiring centers would also have provision of sales and service of the machines.

Escort shall assist the State Bank of India (SBI) in identifying the eligible dealers and based on criteria SBI will provide financial assistance to the identified dealers. Simultaneously, the bank will also assist the buyers for buying the equipment. This will enable Escorts to service the target markets of Andhra Pradesh, Karnataka and Tamil Nadu. Soon, the company will establish and expand their solution centers across the country.

Mr.S. Sridhar, CEO, Escorts Agri Machinery, said on this occasion,“Conventionally,farm mechanization strategies are tractor centric where as our focus is to be “crop centric” and offer complete “end to end” farm machinery solutions.This is in line with the Government’s thrust on providing sustainable and affordable farm mechanization solutions to the farming society without disparity.The alliance with SBI aims at addressing these challenges by providing easy and absolute access of machines along with the required financial assistance”.

He further added, “State Bank of India (SBI) has been a trusted partner for using the tractor finance for a long time. With this tie up we extend our relationship to reach the deeply penetrated areas of the bank.” Escorts sells around 60,000 tractors every year of which substantial numbers of the tractors are support by SBI bank credit.