Eicher Polaris Pvt. Ltd., a 50:50 joint venture of Eicher Motors and the U.S.-based Polaris Industries Inc, is in advanced stages of discussion with various financial institutions to ensure adequate financing to prospective buyers of its personal utility vehicle Multix.
“We have already tied up with Cholamandalam Investment. We are in talks with many institutions at national and regional levels. We are in advanced stages of talks with many companies. We will have adequate financing options that may come from private banks, public sector banks, NBFCs, rural banks and also micro finance institutions,” Radhesh Chandra Verma, CEO of the company told The Hindu.
It is expected to commence retail sales of Multix by the second week of August. It has set up 30 dealerships across four specific regions that it seeks to sell in the immediate term. The regions include Tamil Nadu and Andhra Pradesh, Rajasthan, part of Maharashtra and eastern Uttar Pradesh and Bihar. It plans pan-India presence in the next 24 months.
Multix is expected to create its own segment of buyers. In particular, the power-take-off point, which promises to generate upto 3 kilo watts of electricity from its diesel engine, is expected to be a key attractive feature.
“Being a new entrant in the segment, the company, however, would need to establish its brand in the target segment. Also, being aimed at first time buyers, the financing arrangements would also play an important role,” Subrata Ray, Group Vice President –Corporate Ratings, Icra said.
