Ashok Leyland to set up finance arm

Ashok Leyland to set up finance arm
PTI
Mumbai, March 18
Commercial vehicle manufacturer, Ashok Leyland today said it will set up a captive vehicle financing arm by the middle of next fiscal aimed at catering to the hinterlands of the country – operating in places where the public sector banks or other existing financiers are not present. It will have a Rs 100-150 crore capital base initially, Company chief financial officer, K Sridharan said.
Part of the Ashok Leyland Group it would finance only company-manufactured vehicles, Sridharan said.
Sridharan said that the vehicle financing arm would not cater to the metros and mini-metros since the company intends to reach out to every nook and corner of the society.