National, 12th October, 2026: Ashok Leyland, the Indian flagship of the Hinduja Group and country’s leading commercial vehicle manufacturer, signed a Memorandum of Understanding (MoU) with Tamilnad Mercantile Bank (TMB) to enter into a strategic vehicle financing partnership for its customers. This MoU will enable both Ashok Leyland and Tamilnad Mercantile Bank (TMB) to offer customized financial solutions to the customers buying Ashok Leyland’s trucks and buses.
The MoU was signed by Mr. Neelakantan, Vice President- Finance, Ashok Leyland and Mr. R. Ananda Ganesan, Executive Vice President and Country Head – Credit, Tamilnad Mercantile Bank (TMB), in the presence of Mr. Salee S. Nair, MD & CEO, Tamilnad Mercantile Bank (TMB), Mr. M. D. Vincent, Executive Director, Tamilnad Mercantile Bank (TMB), and Mr. Vijaya Kumar, Vice President – Credit, Tamilnad Mercantile Bank (TMB) and Mr. D. S. Madhusudhan, Head – Sales Finance, Ashok Leyland,
Mr. K.M. Balaji, Whole-Time Director and Chief Financial Officer, Ashok Leyland, said, “We are pleased to partner with Tamilnad Mercantile Bank (TMB) to provide accessible and convenient financing solutions to our customers. Financing plays an important role in enabling customers to invest in commercial vehicles and grow their businesses. This partnership will further strengthen our customer-centric approach by facilitating greater access to finance for customers purchasing Ashok Leyland trucks and buses. We look forward to a meaningful and long-term association with Tamilnad Mercantile Bank (TMB).”
Ms. Madhavi Deshmukh, Senior Vice President-National Head Sales Medium & Heavy Commercial Vehicles, Ashok Leyland, said, “Our customers are at the heart of everything we do, and ensuring easy access to financing is an important part of supporting their business journeys. By joining hands with Tamilnad Mercantile Bank (TMB), we are extending another avenue for customers to access timely financing support. The partnership will help improve vehicle penetration across regions and ensure that customers can benefit from faster turnaround times and tailored financing offerings that suit their operational requirements.”
Mr. Salee S Nair, Managing Director and CEO, Tamilnad Mercantile Bank (TMB) said, “We are delighted to partner with Ashok Leyland, a leading name in India’s commercial vehicle industry. Through this partnership, TMB will offer tailored financing solutions backed by seamless processes and customer-centric service. By leveraging the combined strengths of TMB’s robust banking network and Ashok Leyland’s extensive market presence, we aim to support business growth and drive greater mobility for transport operators and fleet owners.”
Under this partnership, Tamilnad Mercantile Bank (TMB) will be able to provide end-to-end financial solutions to the customers of Ashok Leyland. Founded in 1921, TMB brings a long-standing customer base and strong brand loyalty to the partnership, along with a network of more than 600 branches, with a significant presence across rural and semi-urban centres. TMB also has deep relationships with MSMEs, traders and agricultural customers, particularly in Tamil Nadu and other South Indian markets. The partnership aims to leverage these strengths to enhance customer convenience by offering vehicle loans with flexible, easy-to-manage repayment options, tailored to meet individual needs and preferences.
Ashok Leyland today offers a comprehensive range of trucks and buses to meet the full spectrum of commercial vehicle needs, from intercity light commercial vehicles to long-haul trucks and a wide variety of buses. Ashok Leyland’s vehicles ensure safe transport and driver-friendly options. As a pioneer in technological innovations within the truck and bus segment, Ashok Leyland is fully equipped with a range of buses powered by alternative fuels, dedicated to reducing pollution and promoting an eco-friendly transport system in India.
About Ashok Leyland:
Ashok Leyland, flagship of the Hinduja Group, is among the leading commercial vehicle manufacturers globally and a pioneer in India’s mobility ecosystem. Ranked as the 2nd largest commercial vehicle manufacturer in India, the 4th largest bus manufacturer in the world, and among the top global truck manufacturers, Ashok Leyland has been driving progress for over seven decades.
With a revenue of US$ 4.65 billion and operations spanning 50 countries, Ashok Leyland combines a rich heritage of innovation with a strong commitment to sustainable mobility. Headquartered in Chennai, the company offers a diversified portfolio that includes trucks, buses, light commercial vehicles, defence vehicles, power solutions and electric mobility offerings, supported by an extensive manufacturing and distribution network in India and overseas.
Recognized among India’s leading brands, Ashok Leyland continues to shape the future of transportation through technology, operational excellence and customer-centric solutions, reinforcing its position as a trusted partner in nation-building and economic growth.
For more information, visit: www.ashokleyland.com
About Hinduja Group:
The Hinduja Group is a 111-year-old transnational conglomerate with over 250,000 employees across 100 countries. Founded in 1914 by Late Shri Parmanand Deepchand Hinduja, the Group has evolved into one of India’s most respected diversified business houses, with a leadership in automotive and mobility, banking and financial services, IT and digital solutions, energy and healthcare. Through its enterprises, the Group has contributed to India’s industrial evolution and economic progress while building strong global partnerships and market presence worldwide. Anchored in robust governance, disciplined risk management and long-term value creation, the Hinduja Group is guided by its enduring credo, “My Dharma is to work so that I can give,” reflecting a legacy that combines global enterprise with nation-building and community commitment.
Learn more about Hinduja Group on https://www.hindujagroup.com/ Instagram and Facebook: @HindujaGroup
