ICICI Bank and Sixt collaborates for the Indian market

ICICI Bank and Sixt collaborates for the Indian market

ICICI Bank and the car leasing service provider, Sixt India are collaborating together to provide a complete vehicle leasing and fleet management solution to corporate entities.

The two companies are aiming at revenue of Rs. 300 crore in a year time.

ICICI Bank would now be handling the financial aspect of the project while Sixt India will take up the operational and client relation responsibilities.

Sixt India Vice Chairman and Managing Director Sunjay J. Kapur said on this deal: “We expect a revenue of Rs. 200 crore in car leasing and Rs. 100 crore in renting business in a year.”

ICICI Bank vehicle finance head Sachin Khandelwal added: “We will give 100 per cent finance to Sixt to acquire cars, while Sixt will give the car on lease to a client at 60-80 per cent of the price of the car for a particular period (three to four years) and get the car back after the term.”