Ashok Leyland signs MoU with Magma Fincorp for Customer Financing

Ashok Leyland, the Hinduja Group flagship, signed a Memorandum of Understanding today with Magma Fincorp Limited (MFL) to provide financing to end customers of commercial vehicles. The MoU, which was signed at Chennai by Mr. Rajive Saharia, Executive Director – Marketing for Ashok Leyland and Mr. Ravi Todi, Jt. Managing Director for MFL, paves the way for enhancing sales by improving financing coverage in the Eastern and Northern markets.  MFL brings to the table their strong distribution and service network of 150 offices across the country with a strong focus on semi-urban and rural areas.

Speaking on the occasion, Mr. Rajive Saharia said, “In a market dictated by quality, transparency and customer service, this strategic partnership will go a long way in aiding the sales process. It will help leverage the areas of strength of the two partners and significantly increase the “feet on street” to promote their respective product offerings. It will definitely lead to an increase in the Sales and Financing quantum of both entities.”

Mr Ravi Todi, said, “Through this association with Ashok Leyland, we can both provide superior financing options for their customers and also have the opportunity to broadbase the commercial vehicle assets financed by us to give us a wider pan-India presence.”

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