HD Construction Equipment India has signed a Memorandum of Understanding (MoU) with J&K Bank to strengthen equipment financing solutions for customers in Jammu & Kashmir, with a focus on accelerating infrastructure development across the Union Territory.
The MoU was signed on May 20 at the bank’s headquarters in Srinagar by Seong Woo Shim, Managing Director, HD Construction Equipment India, and Rakesh Magotra, General Manager, J&K Bank. The signing ceremony was attended by senior representatives from both organisations, including Joydeep Baksi, AVP, and Sharwan Agnihotri, Head Sales — NCW, from HD Construction Equipment India, along with DGM Arjun Singh Rathore from J&K Bank. Oves Ur Rehman, Dealer Principal of Fuel Automobiles, Hyundai’s authorised dealer partner for Jammu & Kashmir, was also present.
Under the agreement, the two organisations will collaborate to improve access to financing for Hyundai excavators and wheel loaders. J&K Bank will provide financing support to eligible customers through simplified processes and customised financial packages, while HD Construction Equipment India will focus on market outreach and customer engagement to drive equipment adoption.
The partnership aims to support contractors, infrastructure developers, mining operators and construction firms engaged in road construction, quarrying, warehousing, mining and large-scale infrastructure projects in the region. Although the MoU has PAN-India applicability, the collaboration will primarily focus on strengthening infrastructure growth in Jammu & Kashmir.
“This collaboration will enhance financing accessibility and strengthen customer support in the region,” said Seong Woo Shim, Managing Director, 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 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.”