Ashok Leyland has completed the acquisition of Nissan Motor Co’s stake in each of the three joint ventures (JVs) formed between the two companies, namely, Ashok Leyland Nissan-Vehicles, Nissan-Ashok Leyland Powertrain and Nissan-Ashok Leyland Technologies.
In September 2016, Ashok Leyland and Nissan had reached a new arrangement in which Nissan would transfer its ownership in the three JVs to Ashok Leyland subject to statutory approvals. With all necessary statutory approvals now in place the acquisition was completed for a consolidated consideration of Rs 3 paid by Ashok Leyland for all the shares of the three JVs.
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.
