IndusInd Bank has entered into a $100 million long-term loan agreement with the Japan Bank for International Cooperation (JBIC). The funds thus raised, will be used by IndusInd Bank to foster the growth of Japanese construction equipment companies in India through need-based credit facilities to the upstream and downstream companies. Mizuho Bank Japan, the Shizuoka Bank Singapore and the Joyo Bank Japan will also co-finance in this facility.
Under this initiative, IndusInd Bank will provide credit facilities to companies that comprise the supply chain of the Japanese original equipment manufacturers (OEMs) in India. Currently, the program will cover the component suppliers and dealers of the selected Japanese OEMs, as well as the final buyers of the construction machinery manufactured by those companies.
IndusInd Bank is one of the fastest-growing banks in the banking sector in India.
