India's second largest commercial vehicle manufacturer, Ashok Leyland, which is the flagship of the Hinduja Group, has recently signed a Memorandum of Understanding (MoU) with YES bank. The MoU was signed by President and Head of YES bank, Nipul Jain and Ram Kumar, Special Director Finance, Ashok Leyland.
Ashok Leyland will hope that signing the MOU works to boost domestic sales and reach out to more customers.
Gopal, CFO, Ashok Leyland, addressed the occasion saying, "We are delighted with this tie-up as our customers will greatly benefit from increased options for financing and YES Bank's extensive network and reach."
Ashok Leyland not only manufacture commercial utility vehicles but also military vehicles and spare parts for marine equipment. The company, which was founded in September 1913, currently has six manufacturing plants in India and claim to carry over sixty million passengers a day.
Ashok Leyland, which saw a 21% decline in sales in May 2014, got a much-needed booster from the government of Zimbabwe through an order of 670 vehicles worth USD 50 million.