Ashok Leyland, flagship company of the Hinduja Group, has signed a memorandum of understanding with ICICI Bank to enter into a strategic financing partnership for two years, a move that will enable both to offer financial solutions for customers across India with focus on semi-urban and rural geographies.
Ashok Leyland is the second largest commercial vehicle manufacturer in India with a range of 856 ready vehicles. The bank will work in close coordination with its authorised dealers to provide solutions.
"With a pan-India presence, both organisations can leverage their strengths for the mutual benefit of the customers," said Ashok Leyland's Chief Operating Officer Anuj Kathuria.
"Ashok Leyland has embraced future-ready technology to offer digital platforms and services that are ahead of the curve, thereby living by its brand promise of Aapki Jeet, Hamari Jeet," he said in a statement.
Ravi Narayanan, Head of Secured Assets at ICICI Bank said: "To give more impetus to the commercial vehicle sector, we bring forth customised, technology-led speedy credit and other financial solutions to the fleet owners of trucks and buses and assist them in the growth of their business. With this partnership, we will also offer the whole gamut of our banking products and services to the customers of Ashok Leyland and its dealers."
In 2018-19, the company's total medium and heavy vehicle volumes including exports increased by 9 per cent to 142,858 units while the volume for light commercial vehicles increased by 25 per cent to 54,508 units.
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