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Ashok Leyland-Nissan JV to invest 40 bln rupees over 7-8 years in India

Posted by Yogesh on Monday, 8 September, 2008

MUMBAI (Thomson Financial) – Indian commercial vehicle maker Ashok Leyland Ltd. (ALL) said its light commercial vehicles (LCV) joint venture with Nissan Motor Co Ltd. will invest about 40 billion rupees over 7-8 years, for its LCV and medium density vehicles (MDV) facilities in the southern Indian state of Tamil Nadu.

The Ashok LeylandNissan LCV project has signed a memorandum of understanding with the state’s government to buy 380 acres of land for setting up vehicle and power train manufacturing facilities and a technology development unit.

No financial details were provided.

In May, the Hinduja Group company signed three agreements with Nissan to manufacture and sell LCVs and power trains and for technology development in India.

In a statement, ALL said the joint venture is on course to roll out its first vehicle by 2010-2011 while it sees exports to account for 20 percent of the first phase capacity of 100,000 LCVs.

Source CNBC


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