Ashok Leyland inks MoU with Bank of Baroda

Written by Agencies | Mumbai | Updated: Mar 1 2009, 00:32am hrs
Hinduja group company, Ashok Leyland, and Bank of Baroda, have signed an MoU wherein the bank will fund Ashok Leyland's end-customers and also finance its dealers' inventory.

This tie-up enables Ashok Leyland to utilise Bank of Baroda's comprehensive network and reach to service the value-chain, from wholesale to retail, a release issued said.

"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 the release.

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.