DBIN hosts financiers meet

CHENNAI, July 19:Doosan Bobcat India (DBIN), the Indian subsidiary of the global leader in compact equipment business, organized a financier meet in Chennai on Friday.
The meet was held in the backdrop of sales of Compact Construction Equipment gaining momentum in the Indian context and the easy availability of financing options for customers becoming inevitable.
Top level executives from banks which dominate lending in the construction equipment industry like ICICI, HDFC, IndusInd, Kotak, and Axis Bank participated in the event.
Big names from the non-banking Financial institutions like HDB, Cholamandalam, SREI, Sundaram Finance, and Tata Capital were also present.
The Indian Compact construction equipment industry has been growing at a rapid pace over the last few years.
Mechanization required in Urban and rural infrastructure development, process industries, solid waste management, waterways, agriculture and plantation were recognized as major growth drivers.
“It is highly anticipated that the need for Compact equipment is set to accelerate in India as labour availability reduces and costs of hiring labour get higher”, Mr. HS Kim, Director, Commercial (DBIN), said.
“Off-highway research showed sales of Indian construction equipment market grew 35 per cent last year”, he added.
Stating that India has not matured as an equipment finance market yet, he said, however, it was likely that the captive finance model would evolve very soon.