Hinduja group flagship Ashok Leyland on Tuesday said it has entered into a strategic partnership with Cholamandalam Investment and Finance Company Ltd to offer financing to dealers.

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The alliance between the automotive major and the financial institution aims to provide 130 Ashok Leyland dealerships nationwide with an array of comprehensive inventory funding options to address working capital requirements of dealers.

"This MoU will facilitate financing solutions for Ashok Leyland’s dealers, wherein Cholamandalam will offer its range of financial products across the country," the heavy commercial vehicle maker said in a statement here.

"Our dealerships are an essential touchpoint for our customers and play a key role in providing them with the best experience in terms of sales and after-sales support. Hence it is imperative for us to support them in maintaining a good inventory continuously," Ashok Leyland International Operations, Defence and Power solutions President (LCV) Amandeep Singh said.

"With Cholamandalam, a trusted partner renowned for tailored dealer financial solutions, our expanded nationwide presence will instill unwavering trust in our dealerships across diverse markets, encompassing urban and rural areas alike," he said.

The sales and marketing teams of Cholamandalam and Ashok Leyland would work together to develop joint marketing and financing programmes for mutually furthering the volumes of business.

"For over four decades, we have been building lasting relationships with our customers and partners by consistently delivering excellence value for both. We are delighted to strengthen the partnership with Ashok Leyland," Cholamandalam Investment and Finance Company Ltd executive director Ravindra Kundu said.