Shriram Transport Acquires 40Pc Stake In Ashley Transport

Chennai, Aug. 13 Shriram Transport Finance Company has acquired a 40 per cent stake in Ashley Transport Services Ltd, a wholly owned subsidiary of Ashok Leyland Ltd. The truck maker established the company as part of its value-added services to trucking community. For instance, Ashley Transport Services runs Transport Exchange, which assists truck owners to get information on cargo and the freight rates. Ashley Transport will benefit from Shriram Transport''s 5-lakh-strong customers. Shriram Transport, in return, will get a pie in challan discounting business for members of Transport Exchange. This year, the company hopes to lend Rs 1,000 crore more. Shriram Transport, with assets under management of Rs 12,000 crore (both on its own books and those managed on behalf of those who bought its securitised paper), is the largest non-banking and finance company in the country.