~The collaboration avails a first-of-its-kind buyback assurance for Franna crane owners~
~The surety will provide buyback value of 48% at the end of a 5 year contract~
As a first-of-its-kind buyback assurance, Terex, a global manufacturer of material processing machinery and aerial work platforms announced its partnership with Eqaro Guarantees, India’s first financial guarantee company to provide ‘Franna Assure,’ a yearly Residual Value Guarantee (RVG) for the range of cranes under the Franna brand. Under the program, Franna Assure will provide surety for buyback value of up to 48% at the end of five-year contract terms to Franna owners in India.
‘Franna Assure’ provides buyback assurance for crane owners in India, protecting them from losses incurred due to low resale values, resulting in further reduced balance sheet risks. Under the program, buyers have the added advantage of focusing on core competencies by securing services from authorized Franna dealers. The buyback assurance enables customers to upgrade from preceding models and range after completion of the tenure via utilizing the buy-back value for the purpose of purchasing a new model with greater capacity.
Vikash Khandelwal, CEO, Eqaro Guarantees said, “We are excited about our collaboration with Terex India for this first in India initiative. Residual Value Guarantees have been a long-standing need of the construction equipment industry. Franna Assure will provide guarantee on the Franna range of cranes for their future value and indemnify the owner against loss, if the sale of a crane is less than the residual value specified in the guarantee. We believe that Franna Assure will help add to the buyer confidence by providing certainty around the residual value and further improve market penetration
Mr. Jaideep Shekhar, Managing Director, Terex India Pvt. Ltd. said, “This collaboration will help in enhancing the experience and satisfaction of our customers in India. ‘Franna Assure’ will provide customers an opportunity to upgrade their fleets within 5 years, allowing them access to the latest technology and enabling them to achieve higher capacity with assured resale value for their Franna cranes, keeping their business ahead in the competition.”
Via the program, Franna Assure will provide customers buyback assurance of up to 48% for their Franna cranes within 3, 4 and 5 years of contract terms.
About Terex
Terex is a global manufacturer of materials processing machinery and aerial work platforms. We design, build and support products used in construction, maintenance, manufacturing, energy, recycling, minerals and materials management applications. Certain Terex products and solutions enable customers to reduce their environmental impact including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification and financing to parts and service support.
About Eqaro Guarantees
Eqaro is a technology led Financial Guarantees company in India. As a pioneer in this space, the team at Eqaro is driven by a passion to play a pivotal role in the economic growth of the country. Eqaro offers guarantees in lieu of collaterals and cash on behalf of individuals, entrepreneurs and MSMEs, recognizing their inherent, fundamental strengths and capabilities. The company aspires to create a comprehensive ecosystem of trust that de-risks transactions, helping individuals and businesses unlock their true growth potential. Led by a seasoned best of breed management team with an oversight from a robust governance framework and backed by the financial strength and underwriting expertise of global marquee majors, Eqaro currently offers multiple solutions that are approved and accepted by a diverse set of beneficiaries including MNC’s, automobile & equipment manufacturers, leading NBFC’s etc.
