Ashok Leyland JV inks MoU with Tamil Nadu government

In a bid to produce Light Commercial Vehicles in five different locations, Ashok Leyland Nissan, a Joint Venture (JV) between Hinduja Group’s flagship company Ashok Leyland and Japanese auto major Nissan, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government.

The total investment for the project will be Rs 4,150 crore. The locations include Hosur, Pillaipakkam, Ennore, Vellivoyalchavadi and Oragdam.

Ashok Leyland reported 13.24% decline in its net profit for the quarter ended March 31, 2012 at Rs 258.74 crore. The company had posted a net profit of Rs 298.23 crore in the same period last year. The company’s total income from operations increased by 12.02% to Rs 4,311.02 crore from Rs 3,848.45 crore in the year-ago period.