Ashok Leyland inks strategic financial partnership with ICICI Bank

Ashok Leyland, the second largest commercial vehicle manufacturers in India with their complete range of BS VI ready vehicles, signed a Memorandum of Understanding (MoU), with ICICI Bank to enter into a strategic financing partnership for two years.

The MoU will enable both Ashok Leyland and ICICI Bank to offer customised financial solution to customers across India with focus on semi-urban and rural geographies. The Bank will work in close coordination with the authorised dealers of Ashok Leyland to provide financial solutions to the customers. The OEM says the customers will be benefitted with preferred product and financial solutions from both the organisations.

The joint initiative will enable both the organisations to effectively leverage the combined strengths of Ashok Leyland’s best-in-class products and ICICI Bank’s significant distribution reach in India.

Commenting on the partnership, Anuj Kathuria, COO, Ashok Leyland said, “Ashok Leyland is delighted to partner with ICICI Bank to offer customised financial solutions to its customers. With a pan-India presence, both organisations can leverage their strengths for the mutual benefit of the customers."

Ravi Narayanan, Head - Secured Assets, ICICI Bank said, “We are delighted to join hands with Ashok Leyland to become their preferred financier. In order to give more impetus to the commercial vehicle sector, we bring forth customised, technology led and 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.”