Mumbai: Indian commercial vehicle maker Ashok Leyland Ltd expects to launch a captive finance arm by the middle of 2009/10, its chief financial officer said on Wednesday.
“We want to play a complementary role. The finance arm will operate in places where the public sector banks or other existing financiers are not present,” K. Sridharan told reporters.
“We have to cover every nook and corner of the country.”
The company would invest up to Rs1.5 billion in the finance arm to start with and increase it later, he said.