24 Aug 2023
Omega Seiki Mobility (OSM) has effectively retailed over 8000 vehicles via its extensive network of over 175 dealer touchpoints, accumulating a substantial retail financing value of more than INR 350 crores. As part of its strategic agenda, the company is gearing up to extend financing to vehicles worth INR 300 crores through its existing retail financier network. Meanwhile, Punjab National Bank (PNB), is one of the biggest banks in India, having a network of over 10,000 branches, is poised to diversify its range of financial products to cater to the needs of Omega Seiki Mobility's customer base across the nation.
On the 24th of August 2023, a significant step was taken as Omega Seiki Mobility (OSM) officially announced the signing of a Memorandum of Understanding (MoU) with Punjab National Bank (PNB). This collaboration's core focus lies in expediting the process of vehicle inventory funding for OSM's dealer partners and delivering comprehensive retail financing solutions to their broad clientele.
A substantial disbursement of INR 350 crores results from Omega Seiki Mobility's dedication to advancing sustainable mobility, as evidenced by their financing of 8000 electric vehicles. Their unwavering commitment to propelling the adoption of electric vehicles across India is highlighted by this noteworthy investment. The company has set an ambitious blueprint which entails financing an additional 7500 electric vehicles, amounting to INR 300 crores, within the next three years.
Within the industry, providing novel, budget-friendly financing solutions, customisable to both rural and urban customers alike, is vital in gaining widespread approval for electric vehicles. The strategic partnership between Omega Seiki Mobility and Punjab National Bank is geared towards enhancing accessibility to localised charging infrastructure and electric vehicles altogether. By doing so, this innovative collaboration bolsters rural regions, empowers folks with eco-friendlier and more effective modes of transportation alternatives and drives socioeconomic progress. Electric mobility in urban areas is receiving an incentive boost through reduced interest rates for financing, which fits nicely with India's sustainable development goals. Meanwhile, Omega Seiki Mobility is taking steps to increase its presence in the electric vehicle ecosystem.
Mr. Uday Narang, the Founder and Chairman of Omega Seiki Mobility, shared his visionary perspective on this transformative partnership: "Today marks a significant milestone as Omega Seiki Mobility joins hands with Punjab National Bank to reshape the landscape of electric mobility financing. This partnership is not just about numbers; it's about fostering a profound shift in how we perceive and access sustainable transportation.
Our mission is clear: We aim to provide more than just financing options; we're building a bridge to a greener, more inclusive future for every Indian. As we tap into the extensive network of Punjab National Bank's branches across the nation, we're expanding the horizons of electric vehicle ownership. This partnership doesn't merely enable transactions; it's about empowering individuals, families, and communities. It's about giving wings to aspirations and turning them into reality.”
“Electric mobility isn't limited to urban centres; it's a transformative force that can uplift the lives of millions in rural India. By prioritising access to electric three-wheelers, we are empowering rural India with cleaner, more efficient transportation options and generous earning potentials. We envision a future where electric vehicles become catalysts for positive social change, driving socio-economic development and reducing our carbon footprint." He Added.
Mr. Amitabh Rai, DGM- MSME at Punjab National Bank, shared his insights on the partnership, “Punjab National Bank has teamed up with Omega Seiki Private Limited (OSPL) to offer seamless financing options for electric 3-wheelers! to provide eco-friendly mobility solutions. In this regard, a Memorandum of Understanding (MoU) was signed at PNB HO: Dwarka by Sh. Amitabh Rai (DGM - PNB) & Sh. Udaychandra (Director, OSPL) aimed at providing seamless financing solutions for electric 3-wheelers and cargo loaders. PNB customers can now access exclusive and affordable financing options for electric 3-wheelers (Both passenger & cargo loaders) from Omega Seiki Mobility.”
Beyond simplifying financing for customers, the partnership between Omega Seiki Mobility and Punjab National Bank significantly contributes to India's sustainable development objectives. By amalgamating their expertise and resources, this collaborative effort is poised to fortify the electric vehicle market, culminating in a more environmentally conscious and sustainable transportation landscape for India.
Mr. Rakesh Ranjan, Head of Retail Finance at Omega Seiki Mobility, underscored the profound significance of the partnership, "Embracing the synergy between sustainable innovation and financial empowerment, the Memorandum of Understanding between Omega Seiki Mobility and Punjab National Bank ushers in a transformative era of eco-friendly mobility, where intellect and conscience converge to drive the wheels of progress towards a greener and more inclusive tomorrow.
Our mutual endeavours to empower customers through seamless access to finance for electric vehicle purchases create a unique and unprecedented proposition, fostering a robust ecosystem for electric mobility adoption. As we look ahead, our collective pursuit extends beyond mere commercial success. We envision a future where electric mobility transcends mere transportation and becomes a catalyst for positive social change. In synergy with Punjab National Bank, we aspire to empower rural India with cleaner and more efficient transportation options, propelling socio-economic development and reducing carbon footprints."
Omega Seiki Mobility's strategic collaborations with esteemed financial institutions, such as IDFC and Indian Bank, alongside notable NDFC collaborators, equip customers with tailored funding solutions at advantageous interest rates. These partnerships align with broader financial inclusion goals, reinforcing the bonds between customers and financial institutions.
With unwavering dedication to catalyse positive transformation, Omega Seiki Mobility and Punjab National Bank stand united in setting an unparalleled standard for sustainable mobility within the nation. This synergistic partnership not only aspires to create a cleaner, greener future for India but also endeavours to inspire fellow organisations to unite in forging an environmentally conscious and economically viable trajectory forward. They epitomise a visionary approach, harmonising shared values with technological innovation and financial inclusivity, forging a path toward a more eco-friendly, prosperous, and inclusive India.
In addition to its collaboration with Punjab National Bank, Omega Seiki Mobility has also established strategic partnerships with esteemed financial institutions, including IDFC and Indian Bank, as well as notable NDFC collaborators such as Ecofy, Rise Wise Capital, AMU Leasing, Paisa Lo Digital Limited, Shri Ram Finance, Wheels EMI, Three Wheels United, Vidyu Tech, among others. These alliances cater to both retail and captive customers of OSM, offering them access to seamless funding at competitive interest rates. These well-structured affiliations ensure that customers receive personalized, secure, and responsive services that precisely align with their unique requirements. This collaboration bolsters existing banking relationships and empowers financial institutions to expand their reach, serving a broader audience and contributing to comprehensive financial inclusion initiatives.
About Omega Seiki Private Limited:
Omega Seiki Private Limited is a proud member of the Anglian Omega group of enterprises, primarily focusing on manufacturing steel components for the automotive and engineering sectors in India and overseas. Over the past five years, the group has experienced rapid expansion, embarking on various projects in the automotive, infrastructure, and high-technology design and development realms, marked by substantial investments in these sectors.
About Omega Seiki Mobility:
Omega Seiki Mobility, an esteemed entity within the renowned Anglian Omega Group, stands at the forefront of the electric vehicle revolution, steadfast in its commitment to reshape India's mobility landscape. With an extensive product portfolio spanning two-wheelers, three-wheelers, and four-wheelers, the company is dedicated to promoting sustainable and ecologically responsible transportation alternatives. The company operates four state-of-the-art manufacturing units, three located in Faridabad and one in Pune.
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