Ashok Leyland, flagship of the Hinduja Group, the second largest commercial vehicle manufacturers in India with their complete range of 856 ready vehicles, signed a Memorandum of Understanding (MoU), with ICICI Bank to enter into a strategic financing partnership for two years. This 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.
With this MoU, ICICI Bank will be a preferred financier for providing finance to the customers buying Ashok Leyland vehicles. The Bank will work in close coordination with the authorised dealers of Ashok Leyland to provide financial solutions to the customers.
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, Mr. Anuj Kathuria, Chief Operating Officer, 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. Ashok Leyland products come with differentiated technology that offer our customers best-inclass total cost of ownership, thereby providing profitability to their business. Ashok Leyland has embraced future-ready technology to offer digital platforms and services that are ahead of the curve, thereby Living by its brand promise of 'Aapki Jeet. Hamari Jeet'".
Speaking on the partnership, Mr. 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."
Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.83.3 as compared to the previous close of Rs. 81.3. The total number of shares traded during the day was 920040 in over 2789 trades.
The stock hit an intraday high of Rs. 83.65 and intraday low of 81.4. The net turnover during the day was Rs. 75929676.
Shares of ICICI BANK LTD. was last trading in BSE at Rs.498.05 as compared to the previous close of Rs. 496.75. The total number of shares traded during the day was 366421 in over 5934 trades.
The stock hit an intraday high of Rs. 500 and intraday low of 491.7. The net turnover during the day was Rs. 181921009.