Ashok Leyland Finance (ALF), the finance arm of one of India's largest truck builders and the country's most active securitizer, issued Rs5 billion ($117 million) in vehicle hire-purchase securitizations in the 1998-1999 financial year, according to vice-president, N. Sampath Kumar.

The majority of the hire purchase contracts were secured on trucks, cars, motorbikes, scooters, tractors and construction equipment, although the company has announced its intention to move into the consumer sector by purchasing and securitizing hire purchase contracts backed by consumer durables.

The company has issued domestically-placed asset-backeds worth Rs14 billion over the last three years via Citibank, ICICI, GE Capital Services and, most recently, ABN Amro. In this financial year, securitized transactions have accounted for 26% of the company's financing needs. - MD

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