Ashok Leyland looking to set up finance co

Hinduja-group owned Ashok Leyland is looking to having a vehicle finance company to support sales of its vehicles, it is learnt.

The finance company could be either through an acquisition of an existing company by the Hinduja-owned Amas Bank, (headquartered in Switzerland) or by setting up a new company.

Asked about this, Ashok Leyland’s Managing Director, Mr R. Seshasayee, said that he was not prepared to comment at the moment.

Other sources in the company also declined comment, but said that some announcements could be expected over the next few days.

Sources told Business Line that Amas Bank is looking to acquiring a Chennai-based finance company — presumably, to avoid the time that it takes to set up a new company.

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