Ashok Leyland partners with IDBI Bank for providing Channel Finance facilities
Chandigarh: Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, signed a Memorandum of Understanding (MoU), with IDBI Bank Ltd. to enter into a strategic channel financing partnership for its dealers. This MoU will enable both Ashok Leyland and IDBI Bank Ltd. to offer customized financial solutions to them.
Commenting on the partnership, Mr. Gopal Mahadevan, CFO, Ashok Leyland, said, “With the combined strength of IDBI Bank Ltd and Ashok Leyland, the network of AL dealers will now have financing solutions to suit their needs using digital technology. At Ashok Leyland, our continuous endeavour is to add more value to our dealer partners and this initiative will further help expanding business. Ashok Leyland has been embracing future-ready technology to offer digital platforms and services that are ahead of the curve, and these digital solutions is another testament of our philosophy - Koi Manzil Door Mahin”.
Speaking on the partnership, Mr. 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 authorized dealers and traders of the corporates. We are delighted to partner with Ashok Leyland Ltd. in this initiative. Our partnership will enable us to serve numerous businesses in India. 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. It will eliminate the complexities and delays associated with traditional paper-based financing, empowering businesses to manage their cash flows more effectively and accelerate business growth.