Managing Director of HD Construction Equipment India Mr. Seong Woo Shim and J&K Bank General Manager Mr. Rakesh Magotra signed a Memorandum of Understanding (MoU) in Srinagar on Wednesday.
The MoU, executed on May 20 at J&K Bank’s headquarters, creates a partnership to expand financing solutions for Hyundai excavators and wheel loaders. The signing ceremony was attended by senior representatives from HD Construction Equipment India, including AVP Joydeep Bakshi and Head Sales — NCW Sharwan Agnihotri and by DGM Mr. Arjun Singh Rathore from J&K Banks along with Mr. Oves Ur Rehman, Dealer Principal of Fuel Automobiles, the authorised dealer partner of Hyundai for Jammu & Kashmir.
Under the agreement, HD Construction Equipment India and J&K Bank will collaborate to improve access to tailored financing for customers purchasing Hyundai excavators and wheel loaders in Jammu & Kashmir. J&K Bank will provide financing support to eligible customers through simplified processes and bespoke financial packages, while HD Construction Equipment India will drive market outreach and customer engagement to boost equipment adoption.
The partnership is expected to support contractors, infrastructure developers, mining operators, and construction firms by offering simplified, customised finance for machines used in road construction, quarry, warehousing, mining and large-scale infrastructure projects across the Union Territory. While the MoU has PAN-India applicability, it places a primary focus on catalysing growth and infrastructure development in Jammu & Kashmir.
“This collaboration will enhance financing accessibility and strengthen customer support in the region,” said Mr. Seong Woo Shim, Managing Director of HD Construction Equipment India. “Through our partnership with J&K Bank, we aim to facilitate faster adoption of advanced Hyundai equipments while contributing to the infrastructure growth and economic development of Jammu & Kashmir.”
“We are pleased to partner with HD Construction Equipment India to offer timely and tailored financing solutions to contractors and businesses, with a strong focus on Jammu & Kashmir as a key growth region,” said Mr. Rakesh Magotra, General Manager, J&K Bank. “By combining the Bank’s regional reach with Hyundai equipment’s proven legacy, we aim to support project execution, accelerate equipment modernisation, and contribute to infrastructure-led development across the Union Territory.”
