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In a major move to boost infrastructure development, HD Construction Equipment India has signed a Memorandum of Understanding (MoU) with J&K Bank to expand financing solutions for its heavy machinery.
The agreement, executed on May 20, 2026, at J&K Bank’s headquarters in Srinagar, establishes a strategic partnership designed to provide customized, accessible financing packages for customers purchasing Hyundai excavators and wheel loaders.
While the MoU has PAN-India applicability, its primary focus is to drive equipment modernization and economic growth across the Union Territory of Jammu & Kashmir. The collaboration will offer simplified loan processes and competitive financial packages tailored to the needs of:
The tailored financial schemes are expected to accelerate project execution across large-scale infrastructure developments, including road construction and mining projects, by making advanced machinery easier to acquire.
“This collaboration will enhance financing accessibility and strengthen customer support in the region. Through our partnership with J&K Bank, we aim to facilitate faster adoption of advanced Hyundai equipment while contributing to the infrastructure growth and economic development of Jammu & Kashmir.”
— Mr. Seong Woo Shim, Managing Director of HD Construction Equipment India
“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. 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.”
— Mr. Rakesh Magotra, General Manager, J&K Bank
Leadership teams from both organizations attended the signing ceremony. Representing HD Construction Equipment India alongside Mr. Shim were Mr. Joydeep Bakshi (AVP) and Mr. Sharwan Agnihotri (Head Sales — NCW).
J&K Bank was represented by Mr. Rakesh Magotra and Mr. Arjun Singh Rathore (DGM). Also present was Mr. Oves Ur Rehman, Dealer Principal of Fuel Automobiles, the authorized dealer partner for Hyundai in Jammu & Kashmir.
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