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| Sunday, 15 January 2006 |
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Business |  |
| News Business Features Editorial
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PLC deal
with Ashok Leyland to support SME sector
People's Leasing Company Ltd. (PLC) entered into an agreement recently in India with Ashok Leyland Ltd. to import passenger transport buses and cargo trucks to the value of US$20 million. The contract is valid for one year and is expected to bring in over 1,000 vehicles and to release them on lease terms. PLC is the premier specialised leasing company in Sri Lanka which has emerged as the market leader for the last three consecutive years in terms of disbursements. PLC always encourages the regional SME sector specially individuals to build their own entrepreneurial capabilities. PLC commenced its operations in 1996 as a fully owned subsidiary of the People's Bank. Initially, PLC was formed to carry out leasing business for the customers of People's Bank. Currently PLC has a network of 17 branch offices in major cities across the country with a customer base of over 30,000. In 1996 PLC became a participative credit institution for the Indian Line of Credit and enjoyed the long term credit extended to purchase capital goods of Indian origin. This credit line enabled PLC to become a dominant player in vehicles financing. Accordingly, the primary focus was on the public passenger transport segment which was neglected by other financial institutions. This sector currently represents 39% of PLC's receivable portfolio and PLC's current total Lease and Hire purchase portfolio stands at Rs. 19 billion which is the highest in the industry. |
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