ANNOUNCED AS TEMPORARYNo
On 02 March 2017, according to consistent press reports Tata Motors along with its exclusive vehicle distributor in the UAE i.e. United Diesel LLC, signed a financial agreement with the state-owned Emirates NBD Bank. The highlighted financial agreement establishes that Emirates NBD will provide preferential credit financing to the clients of their Bank who are interested in purchasing commercial vehicles that are manufactured by TATA Motors and distributed to the UAE jurisdiction via United Diesel LLC. Furthermore, as a result of this financial agreement, Tata Motors and United Diesel LLC will develop the infrastructure to provide their customers with favourable financing schemes for the purchase of their vehicles -- i.e. schemes accompanied by reduced interest rates according to the consistent press reports.
The press reports do not provide any specifics neither concerning the total monetary value of the financial agreement nor the terms of the loans to be provided by the highlighted parties. However, at least one press report states that customers of the Bank may receive lower interest rates to finance car purchases.
Tata Motors, United Diesel LLC
Tata Motors headquartered is an Indian multinational automotive manufacturing company. United Diesel LLC is a UAE-based company distributing vehicles of the world's largest brands in the UAE.
Emirates NBD with corporate headquarters in Dubai (UAE) is one of the largest banking groups in the Middle East in terms of assets. The key shareholder of the Bank is the government of Dubai with 55.76% ownership stake.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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