Ashok Leyland, the 2nd largest commercial vehicle manufacturer in India, announced that it has signed MoU (Memorandum of Understanding) with Bank of Maharashtra. With this MoU Bank of Maharashtra will extend retail financing to customers of Ashok Leyland's commercial vehicles.
With this tie-up, Ashok Leyland will have access to 1700 branches of Bank of Maharashtra and will be able to provide more efficient and effective service to its customers.
The MoU was signed by Phillip D'Silva, General Manager - Credit Priority and K Ram Kumar, vice president - finance, Ashok Leyland.
''This tie-up will help our customers get greater access to finance, especially in the West and South India, given Bank of Maharashtra's extensive network and reach,'' said Gopal Mahadevan, chief financial officer, Ashok Leyland.
Shares of the company gained Rs 0.35, or 0.77%, to trade at Rs 46.10. The total volume of shares traded was 698,216 at the BSE (10.18 a.m., Monday).