Vedanta Aluminium Partners with Central Bank for Collateral-Free Financing

Vedanta Aluminium has inked a Memorandum of Understanding with the Central Bank of India to extend collateral-free customer financing options. This strategic alliance is set to bolster low-interest working capital offerings via 'BALCO' and Vedanta Metal Bazaar, according to an official company statement.

Original equipment manufacturers (OEMs) and micro, small, and medium enterprises (MSMEs) stand to benefit significantly from this initiative. The access to loans will require minimal documentation and will be offered at highly competitive interest rates, fostering a conducive environment for economic growth.

Financing options span from Rs 10 lakh to Rs 10 crore per customer, with potential for increased limits tied to business turnover and recommendations from BALCO. Rajiv Kumar, CEO of Vedanta Aluminium, hailed the partnership as a milestone in enhancing the aluminium value chain by facilitating more accessible and affordable working capital solutions for MSMEs, integral to India's industrial and manufacturing landscape.

(With inputs from agencies.)