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Ashok Leyland inks pact with Tamilnad Mercantile Bank

31 Dec 2011

Hinduja Group’s flagship company Ashok Leyland has inked pact with Tamilnad Mercantile Bank for financing commercial vehicles. The deal has been signed by the K B Nagendra Murthy, General Manager (Credit), on behalf of the bank, while Srinivasan Anand, Head Sales-Financing, signed on behalf of Ashok Leyland in Chennai .

As per the agreement, the bank sanctioned Rs 8 crore to its customers towards vehicle finance on day one of the tie-up and is hoping to market the products aggressively.

Ashok Leyland has reported 53.36 percent jump in commercial vehicle sales at 7,878 units in November. The company had sold 5,137 units in the same month of 2010. The company’s domestic sales were 6,477 units in November, as against 3,885 units in the same month of the previous year, up 66.72 percent. The exports increased 11.90% to 1,401 units last month from 1,252 units in the year-ago period.

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