Ashok Leyland, IndusInd Bank tie up for dealer financing

Hinduja Group flagship firm, Ashok leyland today said it has entered into an agreement with IndusInd Bank for financing its dealers.

"The dealers of Ashok Leyland will now have access to ready upstream finance from IndusInd Bank to meet their working capital requirements in addition to the existing retail finance arrangements," the company said in a statement.

This tie-up is a part of the strategic focus of IndusInd Bank in developing the supply chain business, it added.

"They (IndusInd) have offered an integrated, attractively priced, on-line inventory finance product, which encourages quick turn around of dealers' inventory and conversion into retail finance for end-customers," Ashok Leyland Chief Financial Officer K Sridharan said.

Commenting on the tie-up, IndusInd Bank Head Corporate & Commercial Bank Suhail Chander said: "By the introduction of a technology-based product developed through our experience and knowledge of the industry, we expect to bring efficiencies to the financial operations of both Ashok Leyland and its dealers."