Ashok Leyland partners with IDBI Bank for dealer channel financing
Ashok Leyland, a prominent commercial vehicle manufacturer, has recently announced a strategic partnership with IDBI Bank Ltd to strengthen dealer channel financing.
In a statement, Ashok Leyland revealed the signing of a Memorandum of Understanding (MoU) with IDBI Bank, aiming to provide tailored financial solutions for its dealers.
Gopal Mahadevan, the CFO of Ashok Leyland, expressed confidence in the collaboration, stating, “By combining the expertise of IDBI Bank Ltd and Ashok Leyland, our extensive network of dealers will now have access to digital technology-driven financing solutions that cater to their specific requirements.”
Suresh Khatanhar, the Deputy Managing Director of IDBI Bank, highlighted the bank’s digital channel finance tool called ‘e-Supply Chain Financing.’ This tool has been specifically developed to address the working capital needs of authorized dealers and traders associated with corporations.
“Our partnership will serve a wide range of businesses across India. Through the e-SCF tool, our objective is to deliver seamless financial support to Ashok Leyland’s dealers, fostering growth and resilience throughout the entire supply chain,” added Khatanhar.
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This collaboration between Ashok Leyland and IDBI Bank is expected to streamline the financial processes for dealers, enabling them to efficiently manage their operations while facilitating business expansion. The incorporation of digital technology will further enhance the accessibility and effectiveness of financial services provided to Ashok Leyland’s extensive network of dealers.
About Ashok Leyland:
Ashok Leyland is an Indian multinational automotive manufacturer, headquartered in Chennai. It is owned by the Hinduja Group and was established in 1948 as Ashok Motors. In 1955, the company changed its name to Ashok Leyland.
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