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| Sunday, 11 September 2005 |
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Business |  |
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Deal to provide Rs. 1.8m leasing facilities for Ashok Leyland by Elmo Leonard Orient Financial Services Corporation Ltd (OFSCL) has entered into an agreement with Lanka Ashok Leyland Ltd to provide leasing facilities of up to Rs 1.8 million for Ashok Leyland trucks. OFSCL, two years in the leasing business sees vehicle leasing, especially the leasing of heavy vehicles as trucks as its principal business. The company has succeeded in setting up its first branch in Kotchchikade, near Negombo. This conforms to its marketing strategy of establishing its own sales offices in strategic locations, the company's acting chairman, Justice Priantha Perera said. OFSCL's leasing activity is currently limited to handling tusker trucks manufactured by Ashok Leyland, India. Lanka Ashok Leyland is in collaboration with its Indian principal. The local company is considered the marketing arm within the island for the Indian Ashok Leyland manufacture. The Tusker truck in review is one of the most popular trucks in Sri Lanka and the leasing company expects to make use of its strategy to increase market share for the truck, Director C. Yatawara said. OFSCL is a public limited liability company with an authorised capital of Rs. 500 million and an issued and paid up capital of Rs. 125 million. OFSCL's major shareholder is United Motors Lanka Ltd, which in turn is a part of readymade garment industries group. Tusker confirms to Euro II specifications for providing safety fuel emissions, Lanka Ashok's General Manager, Umash Gantan said. |
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