Shriram Automall Inks Renewal Agreement with State Bank of India for Pre-owned Agricultural Equipment

Shriram Automall India Limited (SAMIL), country’s leading service provider for pre-owned vehicles and equipment, has renewed its agreement with State Bank of India for pre-owned agricultural equipment. SAMIL had marked an alliance with the bank in January, 2013 for pre-owned tractors and now the Company is extending its tie-up with holistic solutions in the disposal of bank’s all types of pre-owned agricultural equipment.

Commenting on the tie-up, Mr. Sameer Malhotra (CEO of SAMIL) stated, “We have been associated with State Bank of India for more than two years. After our tie-up with the bank for tractor segment in January, 2013, we even extended our services for its auto division while marking another alliance in October, 2013. Within this agreement, we shall serve the bank with our perfect mix of unique bidding platforms and allied services”.

“SAMIL will host regular bidding events at its 50 Automalls, pan India, for the pre-owned agricultural equipment of SBI”, states the agreement, signed at the Bank’s regional office in Mumbai. Apart from physical bidding, the Company will also dedicate its online bidding, one stop classified kiosk and private treaty bidding platforms to the alliance. At bids.samil.in, the online bidding website of SAMIL, more than 400 bidding events are conducted every month, which will offer a wide reach to SBI’s pre-owned tractors and harvesters.

The one stop classified kiosks are placed at more than 450 Shriram branches and Automall, pan India. They account for a substantial share in the overall transactions recorded at SAMIL and extremely beneficial to reach farmers in the rural areas. Moreover, through negotiated private treaties, the Company assures a personalised approach towards deals while ensuring best price realisation on the disposal of agricultural equipment inventory of SBI.

SAMIL has also promised its valuation, documentation, parking and refurbishment services to the bank. The service provider will certify the market value of the assets and facilitate SBI in the decision-making process. Services in relation to title search and insurance documents will be provided. 24*7 parking facility will ensure vehicle safety and refurbishment will contribute to enhancing the market value of the assets.

About State Bank of India:

The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later, the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.

The business of the banks was initially confined to discounting of bills of exchange or other negotiable private securities, keeping cash accounts and receiving deposits and issuing and circulating cash notes. Loans were restricted to Rs.1 lakh and the period of accommodation confined to three months only. The security for such loans was public securities, commonly called Company's Paper, bullion, treasure, plate, jewels, or goods 'not of a perishable nature' and no interest could be charged beyond a rate of twelve per cent. Loans against goods like opium, indigo, salt woollens, cotton, cotton piece goods, mule twist and silk goods were also granted but such finance by way of cash credits gained momentum only from the third decade of the nineteenth century. All commodities, including tea, sugar and jute, which began to be financed later, were either pledged or hypothecated to the bank. Demand promissory notes were signed by the borrower in favour of the guarantor, which was in turn endorsed to the bank. Lending against shares of the banks or on the mortgage of houses, land or other real property was, however, forbidden.

About Shriram Automall India (SAMIL):

Shriram Automall India Limited (SAMIL), one-of-its kind facility, is a wholly owned subsidiary of Shriram Transport Finance Company (STFC). It is India's first-ever service provider that offers various well organised and transparent bidding platforms, including physical, online, one stop classified and negotiated deals, for acquisition & disposal of pre-owned commercial vehicles, construction & industrial equipment, tractors & agricultural equipment, passenger vehicles, three wheelers and two wheelers. The company also provides various allied services, including New Look Refurbishment services, valuation, parking and finance (through STFC). It has successfully launched more than 100 bidding locations, including 50 well-structured Automalls and nearly 70 strategic parking locations, across India. The company has been awarded ISO 9001:2008 certification for its Quality Management System and rated AA from CRISIL.

For more information, please contact:

SHRIRAM AUTOMALL INDIA LIMITED

709, Best Sky Tower,

F-5, Netaji Subhash Place,

Pitampura, Delhi-110034

Tel: 011-41414444

Fax: 011-42414444

E-Mail: contact@samil.in

Website: www.samil.in