Cholamandalam Investment and Finance Company (Chola) has entered a strategic tie up with Escorts for retail finance of their construction equipment products.

Chola is a leading NBFC in the Vehicle Finance business and provides loans for the purchase of commercial vehicles across 530+ cities and towns across India.

The tie up with Escorts will help us further enhance our offering to our customers through a wide range of construction equipment and Back hoe loaders manufactured by Escorts.

Vellayan Subbiah, Managing Director of Cholamandalam Investment and Finance Company, says "The tie up with Escorts draws out mutual synergies with Chola being able to offer financing options over a wider range of products to its customers, and Escorts standing to gain from our Pan-India presence and access to over 5 lakh  customers. We see Escorts as a natural partner and look forward to this tie up translating into a long standing partnership."

Shares of the company gained Rs 1, or 0.88%, to trade at  Rs 114.90.  The total volume of shares traded  was  99,549 at the BSE (3.24 p.m., Wednesday).