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Leyland, Shriram strategic partners in Ashley Transport

By Staff
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Google Oneindia News

Chennai, Aug 13 (UNI) Ashok Leyland, the leading commercial vehicle manufacturer and the flagship of the Hinduja Group, and Shriram Transport Finance Company, a leading NBFC, today announced their strategic partnership in Ashley Transport Service Limited.

The equity capital of Ashley Transport Service was held by Ashok Leyland at 60 per cent and Shriram Transport Finance Company at 40 per cent.

Talking to newspersons here, Ashok Leyland Managing Director R Seshashayee said "with over 30 lakh commercial vehicles engaged in goods transportation, the sheer size of the industry offers significant opportunities for organised players. This strategic tie-up is another step in actualising our vision of providing a comprehensive suite of products and service in the transport value chain".

"Our future plans for Ashley Transport Services include expansion of its operations and introduction of new financial services that transporters value", he added.

Shiram Group of Companies Chairman R Thyagrajan said the venture would operate in all segments, which would help the truck operators as a friend in need and take care of their funding requirements.

He said "we hope to leverage our deep understanding of the cash flow of truck operators to offer many structured working capital and loan products".

"We also see many synergies between the objectives of Ashok Leyland and Shriram Transport Finance Company in improving the viability of those in the goods transport value chain and extend our commitment through infusion of equity into this venture", he said.

Both the partners indicated a planned scale up of transport exchange and related services from Ashley Transport Service with the network growing to over 100 locations in the next two years and an enhanced range of offerings that would include the most critical solutions and microfinancing products like challan funding to truck operators.

All these offerings would ultimately help in improving transport viability, he said.

UNI

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