Hinduja Group flagship company Ashok Leyland has signed a memorandum of understanding (MoU) with Bank of Maharashtra for financing of vehicles.
"Ashok Leyland and Bank of Maharashtra signed an MoU whereby Bank of Maharashtra will extend retail financing to customers of Ashok Leyland's commercial vehicles," the company said in a BSE filing today.
"With this tie-up Ashok Leyland will have access to 1,700 branches of Bank of Maharashtra and will be able to provide more efficient and effective service to its customers," it added.
Commenting on the tie-up, Ashok Leyland CFO Gopal Mahadevan said: "The tie-up will help our customers get greater access to finance, especially in the West and South India."
The MoU was signed by Bank of Maharashtra General Manager Credit Priority Phillip D'Silva and Ashok Leyland VP-Finance K Ram Kumar.
