August 30, 2012 - Hyundai Construction Equipment India Pvt Ltd (HCEIPL), a subsidiary of Hyundai Heavy Industries, Korea signed a Memorandum of Understanding (MoU) with the United Bank of India, a leading public sector bank in India. The MOU was signed on 24th August 2012 at the Head Office of United Bank of India in Kolkata. According to the terms of the MOU, United Bank of India will extend finance to the eligible customers of Hyundai Construction Equipment India Pvt Ltd for procuring Construction Equipments like Excavators and Loaders being manufactured by Hyundai.

The MoU was signed by Mr S W Lee, General Manager - Sales & Marketing of Hyundai Construction Equipment India Pvt Ltd, and Mr Pradip Kr Dutta, General Manager (Non CBG Adv., MSME & CPPI), United Bank of India on behalf of their respective organizations. The MoU signing ceremony was held in the presence of senior representatives from both companies.

Speaking on the occasion, Mr S W Lee, said, "I am pleased to announce this partnership with United Bank of India, which has a strong network of 1600 branches and 33 regional offices spread across India. Our customers will benefit from this association, which will address the concerns of reach, collateral security and lower interest rates with easy repayment schemes.

Speaking on the occasion, Mr Deepak Narang, Executive Director of the Bank expressed hope that the MoU will facilitate Bank to increase its exposure to MSME sector substantially in all parts of the Country in general and the Eastern parts of the country in particular where the Bank is a household name.

As per the MoU, customers can avail loan up to Rs.1 Crore without collateral security under Credit Guarantee Trust for Medium and Small Enterprises (CGTMSE) with easy repayment options. The tie-up is extended to cover financing options by all the branches of the United Bank of India. Both HCEIPL and United Bank of India will utilize and leverage each other's strengths to sell Hyundai excavators in the region.

Hyundai Construction Equipment India Private Limited currently has a 27 strong dealership networks with 95 3S points across India. The company, a subsidiary of Hyundai Heavy Industries, Korea, has revolutionised the Construction Equipment business in India with its cutting edge technology in Excavator market and aims to be the market leader in terms of customer delight and market share. It has grown to a position of strength in 3years since its inception in 2008 to an admirable and enviable player in the construction equipment industry.

Set up over a 50 acre land at Chakan near Pune in Maharashtra in a lush green surrounding with an investment of Rs 300 crore in 2007, the state-of-the-art manufacturing facility boasts of best in class technology, churning out world class products.

Hyundai (HCEIPL) is headquartered in Pune and has four Regional Offices at Delhi, Calcutta, Hyderabad and Mumbai managing sales & service through its strong 27 dealerships across every state in India. The dealerships are aptly supported by Sales and Service centers ensuring customer centric service and maximum uptime to customers. Each region has a Warehouse for its immediate requirement whereas the mother warehouse in Pune works as a feeder.