Chennai, 18 April 2024: South Indian Bank has signed an MoU (Memorandum of Understanding) with Ashok Leyland Limited for financing their dealers under the Bank’s dealer finance program. Under this partnership, the Bank will provide unmatched dealer finance options to the dealers of Ashok Leyland Limited.

With this tie-up, South Indian Bank aims to help the dealer partners of Ashok Leyland Limited, streamline vehicle inventory funding. This arrangement is mutually beneficial for the vehicle manufacturer, their dealers, and for South Indian Bank.

Speaking on the alliance, Ms. Biji S S, Senior General Manager & Group Business Head, South Indian Bank said, “We are extremely happy to partner with Ashok Leyland Limited. Through our varied financial solutions, our goal is to offer convenient and complete financing choices to the dealers. We believe that this partnership will meet the business needs of both organizations and create a strong positive impact.”

Speaking on the partnership, Mr. Gopal Mahadevan, Director and Chief Financial Officer, Ashok Leyland Limited said, “We are pleased to partner with South Indian Bank. This alliance will offer appropriate inventory financing solutions to our network of dealers. We, Ashok Leyland and South Indian Bank, are committed to provide exceptional customer experiences.”

The MoU was signed in the presence of Ms. Biji S S, Senior General Manager & Group Business Head, South Indian Bank, Mr. Praveen Joy, Head-Transaction Banking Group, South Indian Bank, Mr. Bala Naga Anjaneyalu, Regional Head – Chennai, South Indian Bank, Ms. Karthika S, Zonal Sales Head - Corporate Business Group (Chennai), South Indian Bank, Mr. C. Neelakantan, Head-Treasury, Ashok Leyland, Mr. Madhusudhan D S, Head, Sales Finance, Ashok Leyland, and Mr. Saket Kumar, Head – Strategy, Ashok Leyland.  

About South Indian Bank:

South Indian Bank is a Kerala-based private-sector bank with a nationwide presence. The Bank’s shares are listed on The Stock Exchange Mumbai (BSE) and The National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 954 branches, 3 Ultra Small Branches, 3 Satellite Branches, 1189 ATMs, and 133 CRMs across India and a representative office in Dubai, UAE. For more information, please log on to www.southindianbank.com.  

About Ashok Leyland:

Pioneers in the Commercial Vehicle (CV) space, Ashok Leyland is a flagship of the Hinduja group, and is the 2nd largest manufacturer of commercial vehicles in India, and 4th largest manufacturer of buses and 19th largest manufacturer of trucks in the world. Headquartered in Chennai, with 7 manufacturing plants in India, a bus manufacturing facility in Ras Al Khaimah (UAE), and one at Leeds, United Kingdom, Ashok Leyland has a well-diversified portfolio and an international footprint. Ashok Leyland has recently been ranked as 34th best brand in India.

A US $ 4.5 billion Indian multinational that has a 75-year legacy, and presence in more than 50 countries, Ashok Leyland is one of the most fully integrated manufacturing companies on this side of the globe. In the commercial vehicle industry, Ashok Leyland has one of the largest and fastest-growing networks with 52,863 touch points which includes 1748 exclusive touch points and 11,207 outlets for Leyparts.

The company now has a service centre every 75 kilometers on all major highways, allowing it to keep its “Ashok Leyland Quick Response” promise of reaching customers within 4 hours and getting them back on the road in 48 hours”. With technology-enabled customer engagement processes and knowledge on the specific applications of the product range, Ashok Leyland's sales team in well-equipped to fulfil customers’ needs. Ashok Leyland manages 12 driver training institutes across India and has trained over 1,800,000 drivers since inception.

Guided by the principle of "Koi Manzil Door Nahin," symbolizing that no destination is too distant to achieve, Ashok Leyland is resolute in its pursuit to serve stakeholders and contribute to India's progress through continuous innovation and evolution.