Hinduja Group flagship company Ashok Leyland said it has entered into a MoU with the Bank of Baroda. It would enable funding the company's end-customers and finance dealers' inventory.
This tie-up will utilise Bank of Baroda's comprehensive network and reach to service the value-chain, from wholesale to retail said Ashok Leyland.
"Cost-effective funding is what is crucial at these times. And the solutions offered by public sector banks would help our customers and dealers on this front," Ashok Leyland's CFO, K Sridharan, said in a release.
Commenting on the partnership, Gopal Mahadevan, whole time dtime director and CFO, Ashok Leyland, said,
Ashok Leyland is delighted to partner with Bank of Baroda that has over 45,000 touchpoints across 19 countries spread over five continents, and hence comes with good banking infrastructure. It would help Ashok Leyland service its customers by offering customised solutions that would provide Ashok Leyland service its customers by offering cater to their needs. Ashok Leylan products come with differentiated technology that is profitable for our customers and thereby profitability to their business.”
On Recognising the wide reach and financial strength of public sector banks, Ashok Leyland has already entered into MoUs with State Bank of India, State Bank of Patiala, Jammu & Kashmir Bank and Corporation Bank, the release added.