Ashok Leyland John Deere Construction Equipment Company Pvt Ltd and Corporation Bank have entered into an agreement that provides for the bank to fund the company's customers.
According to a press release from the construction equipment manufacturer, the agreement strengthens the relationship with Corporation Bank, which wishes to enlarge its funding support to SME/Priority sector customers and the Ashok Leyland Group.
Corporation Bank will offer Leyland Deere's customers finance at very competitive terms pan-India. Leyland Deere, a joint venture between the Hinduja Group flagship, Ashok Leyland, and John Deere Construction & Forestry Co, US, launched their first vehicle — the 435 Backhoe Loader — last month.
Leyland Deere has commenced operations at their facility in Gummidipoondi, Thiruvallur District, to the north of Chennai, with the manufacture of Backhoe Loaders.