Ashok Leyland, the Indian flagship company of the Hinduja Group and the commercial vehicle manufacturer, signed a Memorandum of Understanding (MoU), with IDBI Bank, to enter into a strategic channel financing partnership for its dealers, who will be able to avail customised financial solutions.
Gopal Mahadevan, CFO, Ashok Leyland, said, “With the combined strength of IDBI Bank and Ashok Leyland, the network of Ashok Leyland dealers will now have financing solutions to suit their needs using digital technology,” adding that this initiative will help expand the business.
Suresh Khatanhar, Deputy Managing Director, IDBI Bank said, “Our digital channel finance tool e-Supply Chain Financing, is designed to meet the working capital requirements of authorised dealers and traders of the corporates. Through the e-SCF tool, our goal is to provide a seamless financial support to Ashok Leyland's dealers, fostering growth and resilience in the entire supply chain. The Bank endeavours to introduce similar innovative products and services in the future to cater to the growing needs of our clients.”
The e-Supply Chain Financing solution will enable Ashok Leyland's dealers to access working capital easily and quickly through an end-to-end digital process.