Ashok Leyland and TVS Mobility have agreed to form a Joint Venture (JV) company, with TVS Mobility contributing to the extent of 50.1% and the company to the extent of 49.9%. The company would be investing an amount of upto Rs 40 crore, in one or more tranches, in the proposed JV Company, subject to compliance of various requirements and signing of agreements.
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.