Ashok Leyland Deere signs MoU with Corporation Bank

MUMBAI: Ashok Leyland John Deere Construction Equipment Company Pvt Ltd today said it has entered into a memorandum of understanding (MoU) with state- run Corporation Bank, which will offer the former's customers finance at competitive terms.

"With this MoU, Corporation Bank plans to further enlarge its funding support to SME/priority sector customers as well as strengthen its bonds with the Ashok Leyland Group," Corporation Bank General Manager S Pattabiraman said in a statement here.

The company, a joint venture between Ashok Leyland, the Hinduja Group flagship, and John Deere Construction & Forestry Co, USA launched their first equipment vehicle - the 435 Backhoe Loader - last month.

Leyland Deere has commenced operations at their facility at Gummidipoondi in Thiruvallur district of Tamil Nadu with the manufacture of Backhoe Loaders.