Ashok Leyland, the commercial vehicle manufacturer, has received approval from fair trade regulator Competition Commission of India (CCI) to buyout its Japanese partner Nissan Motors’ stake in three Joint Ventures (JVs). The joint ventures are Ashok Leyland Nissan Vehicles (ALNVL) for making vehicles; Nissan Ashok Leyland Power Train (NALPT) for manufacturing power trains and Nissan Ashok Leyland Technologies (NALT), which is a technology joint venture.
Earlier in September, Nissan Motors had announced that it would exit the three joint ventures by selling its stake to Ashok Leyland. Post deal, the three entities would become wholly-owned subsidiaries of Ashok Leyland.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
