Data is not available for this company.
Data is not available for this company
Ashok Leyland Finance (ALFL) was incorporated as Ashok Leasing and Hire Purchasing Company on October 4, 1982, with the objective of supporting vehicle sales through hire purchase. The name of the company was then changed to Ashok Leasing and Hire Purchase Ltd on February 29, 1984, which was further changed to ALFL on November 11, 1988. The registered office is located at 86 Chamiers Road, Chennai - 600 018, India.
The company commenced commercial operations in
The company commenced commercial operations in September 1985. ALFL has a range of financial services (fund based and non-fund based) offered to the corporate sector as well as individuals. It has diversified its activities by offering financing of industrial equipment, financing of cars, bill discounting etc, apart from the financing of commercial vehicles on hire purchase/lease.
During the year 2001-2002, the company achieved a market share of about 33 percent in the M&HCV category, implying a drop of 3 percent over 2000-2001. While the company retained the market share of 51 percent in the passenger segments, in the goods segment the market share dropped to 29 percent from 33 percent. But, the STU segment, in which ALF has a dominant presence, continued to reel under financial stress and postponed purchases.
Ashok Leyland Finance has become a subsidiary of Ashok Leyland, as the latter`s stake in the former is set to inch past the 50 percent mark following the conversion of cumulative preference shares of Ashok Leyland Finance into equity shares. Ashok Leyland had subscribed to the cumulative preference shares of Ashok Leyland Finance against the rights issue offer made in April-May 2000. The CCPS fell due for conversion into equity shares on May 18, 2003.
At the end of March 31, 2003, Indian promoter`s stake in Ashok Leyland Finance stood at 45.09 percent, while as much as 42.74 percent was held by Indian public. Banks, financial institutions, insurance companies and state and central governments held a mere 0.53 percent stake in the company.
In June 2004, Ashok Leyland Finance got merged with the IndusInd Bank (total 115 branches).