Joins hands with ICICI, Axis, HDB Financial, HDFC, YES Bank and Citicorp Finance to support customers through range of finance options
Ashok Leyland (AL) has signed Memoranda of Understanding (MoUs) with a number of leading banks and finance companies in the country, namely, ICICI Bank, Axis Bank, HDB Financial Services, HDFC Bank, YES Bank and Citicorp Finance. The partnerships will enable Ashok Leyland and the financiers to offer customised financial solutions to AL customers across India. As a result of the MoUs, the chosen financiers will be listed as preferred ones for providing finance to customers buying AL vehicles. The partners will work in close coordination with the authorised dealers of Ashok Leyland to provide financial solutions to the customers.
Customers will be benefitted with preferred product and financial solutions from both AL and the financiers. The joint initiative will enable AL and the finance partner to effectively leverage the combined strengths of the OEM’s best-in-class products and each financier’s significant distribution reach in India.
Commenting on the partnerships, Anuj Kathuria, Chief Operating Officer, Ashok Leyland, said: “Ashok Leyland is delighted to partner with a number of banks and finance companies to offer customised financial solutions to its customers. With pan-India presence, we and our partner organisations can leverage our strengths for the mutual benefit of our customers.”
“Ashok Leyland products come with differentiated technology that offer our customers best-in-class total cost of ownership, thereby providing profitability to their business. Ashok Leyland has embraced future-ready technology to offer digital platforms and services that are ahead of the curve, thereby living by its brand promise of ‘Aapki Jeet, Hamari Jeet’,” he added.
Ravi Narayanan, Head – Secured Assets, ICICI Bank, said: “We are delighted to join hands with Ashok Leyland to become their preferred financier. In order to give more impetus to the commercial vehicle sector, we bring forth customised, technology-led and speedy credit and other financial solutions to the fleet owners of trucks and buses and assist them in the growth of their business.”
“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,” he added.
Jagdeep Mallareddy, President and Head Retail Lending, Axis Bank Ltd., said: “As a part of our consistent endeavour to offer holistic solutions to customers, Axis Bank has collaborated with Ashok Leyland, one of India’s leading commercial vehicle manufacturer. This collaboration will enable us to offer customised financial solutions by leveraging the bank’s extensive physical and digital reach across India, including semi-urban and rural regions.”
Deep Kumar Jaggi, Business Head – HDB Financial Services, said: “The HDB-Ashok Leyland partnership is a great step towards boosting the overall customer experience. With a presence in more than 800 locations and over 1,425 branches pan-India, the partnership will offer customised offerings to customers across India, including deep geographies. By deploying our assisted and digital offerings, we aim to help our customers achieve their aspirations.”
Ashok Khanna, Group Head – Vehicle Loans, HDFC Bank, said: “This partnership is a win-win for both. At HDFC Bank we take pride in offering our customers not just convenience but also an experience.”
“Our customised product offerings are complemented by digital platforms and a wide network of branches thus enabling us to reach customers; be it in a metro city or semi-urban, rural location. Our endeavour is to bridge the Bharat-India divide by offering the entire bouquet of products and services to customers even in semi-urban and rural markets,” he added.
Rajan Pental, Senior Group President and Group Head – Branch and Retail Banking, YES Bank, commented: “We are proud to partner with Ashok Leyland and believe this partnership will give further impetus to the commercial vehicle sector in India. We look forward to offering our best-in-class banking products and services to the stakeholders of Ashok Leyland by leveraging the bank’s extensive physical and digital reach across India.”
“Powered by YES Bank’s ethos of knowledge and technology banking, we remain committed to adding value to our clients and helping them achieve their objectives,” he added.
Rohit Ranjan, Director, Citicorp Finance India Ltd., said: “We are delighted to join hands with Ashok Leyland to become their preferred financier. To give more impetus to the commercial vehicle sector, we bring forth customised, technology-led, speedy credit and other financial solutions to the fleet owners of trucks and buses and assist them in their business growth.”
Vipin Sondhi appointed MD and CEO of Ashok Leyland
Ashok Leyland, one of India’s leading commercial vehicle manufacturers, announced that Vipin Sondhi has been appointed Managing Director and CEO of the company with immediate effect. Taking charge at Ashok Leyland, Sondhi will drive the technology transition, growth and future strategy for the Indian flagship company of the Hinduja Group as well as the group’s global automotive portfolio. He had been inducted recently as a Director into the Board of Ashok Leyland. “Vipin Sondhi has a strong, proven track record as a leader and is a passionate and hands-on professional,” said Dheeraj Hinduja, Chairman, Ashok Leyland.
“His known ability to drive performance working seamlessly with all key stakeholders will be valuable at Ashok Leyland. I am confident that the company will reach new frontiers under his stewardship and look forward to some very exciting times in 2020 and beyond,” he added. Sondhi formally joined the Hinduja Group in November 2019 from JCB India, where he was Managing Director and CEO – India, Southeast Asia and Pacific and a member of their Global Executive Leadership Team.
He was with JCB India for about 14 years, associated closely with the transformation of the company’s portfolio into a leadership position by ushering in global standards of design, quality and manufacturing. Prior to JCB India, Sondhi had led Tecumseh India as Managing Director for about six years, while serving there for over 12 years. The initial 10 years of his career were shaped in companies such as Tata Steel and Shriram Honda. He is an alumnus of IIM-Ahmedabad and a mechanical engineer from IIT-Delhi.
“I am honoured and feel privileged to be part of Ashok Leyland, an institution with a rich 70-year legacy of pioneering technology leadership. Perhaps the only pure-play Indian commercial vehicle manufacturer, its ability to indigenously develop new products including electric buses has always helped the company to stay ahead of the curve. I look forward to working closely with all the stakeholders and employees to help achieve Ashok Leyland’s new vision to be among the top 10 CV manufacturers globally,” said Sondhi.