By Sanjeevi Jayasuriya
People’s Leasing Company (PLC) will import 300 Ashok Leyland heavy trucks valued at Rs. 1.7 million each under an Indian line of credit (ILOC), said PLC chairman Lal Nanayakkara on Thursday. The first consignment comprising 30 vehicles is expected early next month.

He said that the total value of this ILOC entered into between the two governments was US$ 100 million. It is for the importation of capital goods and is to be utilised over a three year period.

"The loan is a long term funding arrangement with concessionary rates available for the applicants and once the LC is opened the loan agreement become operative", Nanayakkara said.

"With the government’s commitment to build up infrastructure, we will play a major role in using this facility in importing Ashok Leyland trucks to improve transportation", he said.

It is expected that these new vehicles will help reduce the prices of agricultural produce which is transported to Colombo and in return will help the farmers in distant areas to sell their produce.

PLC is expected to achieve a Rs 170 million monthly budgeted turnover while maintaining 15% growth in profitability in the current financial year. It had eight branches in leading cities and is ranked the third leading leasing company out of 48 such leasing companies in the country.