Chennai: Ashok Leyland, the Hinduja Group's flagship company and biggest truck financing company Shriram Transport Finance Company have signed up a strategic affiliation contract to regenerate the services by its group company Ashley Transport Services.

As per the deal, Shriram Finance financial services will hold 40 per cent stake in ATC, whereas the remaining will be held by Ashok Leyland and the Hinduja Group. The financial details of the deal were not disclosed yet.

While addressing a press meeting, R Seshasayee, managing director, Ashok Leyland alleged that transport exchanges were planned to bring in intelligibility and competence in the freight intermediation service dominated by small, localized and unorganized companies.

“With over 30 lakh commercial vehicles engaged in goods transportation, the sheer size of the industry offers opportunities for organised players to improve the viability of truck owners and Shriram Transport Finance Company is an ideal partner for this,” Ashok Leyland Managing Director and Ashley Transport Services Chairman R Seshasayee stated.

Ashok Leyland that Ashley Transport Services operates a brand-neutral freight intermediation service, Transport Exchange, offering value-added services to the trucking community. It has transport exchanges in 29 locations and destines to append 16 locations by the end of recent fiscal. It anticipates arriving at 100 locations in the coming years.