Ashok Leyland, Citicorp Finance ink MoU for commercial vehicles' financing

Hinduja Group's flagship firm Ashok Leyland on Thursday said it has partnered with Citicorp Finance India Ltd for financing commercial vehicles.

The company has signed a memorandum of understanding (MoU) with Citicorp Finance to enter into a strategic financing partnership for two years, to offer customised financial solutions to customers across India, Ashok Leyland said in a statement.

Under the MoU, Citicorp Finance will be a preferred financier for providing finance to the customers buying Ashok Leyland vehicles, it added.

Citicorp Finance will work in close coordination with the authorised dealers of Ashok Leyland to provide financial solutions to customers, the statement said.

"With a pan-India presence, both organisations can leverage their strengths for the mutual benefit of the customers," Ashok Leyland Chief Operating Officer Anuj Kathuria said.

Citicorp Finance India Director Rohit Ranjan said the company offers customised, technology-led speedy credit, and other financial solutions to fleet owners of trucks and buses.

"With this partnership, we will also offer the whole gamut of our banking products and services to the customers of Ashok Leyland and its dealers," Kathuria added.