Ashok Leyland ties up with IDBI Bank, offering channel financing partnership for dealers

The company has signed a MoU with IDBI Bank, under which the partners will offer customised financial solutions for dealers.
| Photo Credit: The Hindu

Commercial vehicle–maker Ashok Leyland on June 22 said it had partnered with Industrial Development Bank of India Bank (IDBI) for a channel financing partnership for its dealers.

The company has signed a MoU (Memorandum of Understanding) with IDBI Bank, under which the partners will offer customised financial solutions for dealers, Ashok Leyland said in a statement.

“With the combined strength of IDBI Bank Ltd. and Ashok Leyland, the network of Ashok Leyland dealers will now have financing solutions to suit their needs using digital technology,” Ashok Leyland CFO Gopal Mahadevan said.

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IDBI Bank Deputy Managing Director Suresh Khatanhar said its digital channel finance tool ‘e-Supply Chain Financing’ has been designed to meet the working capital requirements of authorised dealers and traders of the corporates.

“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,” Mr. Khatanhar added.