Nissan Motor Co. Ltd. and
Ashok Leyland Ltd.have announced a restructuring agreement wherein Nissan will sell to Ashok Leyland all
of Nissan’s shares in three joint venture companies that were formed in 2008.
These joint ventures focus on technology development, and manufacturing of
powertrains and vehicles. Under the agreement signed on September 7, 2016 by
senior executives of Nissan and Ashok Leyland, these joint ventures will become
wholly-owned Ashok Leyland subsidiaries. The process is expected to be
concluded later this year.
Ashok Leyland will continue to
build, under a licensing agreement, the successful Dost and Partner light
commercial vehicles, which are based on Nissan’s design, engineering and
technology. Servicing and parts availability for customers will be ensured by a
technical support arrangement. In addition, the two companies have agreed to
continue a deal to procure made-in-India parts to Nissan.
“We are pleased to be moving
forward into a new phase of our business with Ashok Leyland,” said Philippe
Guérin-Boutaud, Nissan corporate vice president in charge of the Global LCV
Business Unit. “Nissan is committed to India and has invested substantially in
manufacturing, research and development and sales networks in the country. We
are on track to becoming a major player in the Indian market. Under the
licensing arrangement with Ashok Leyland, Indian commercial vehicle customers
can continue to benefit from Nissan’s engineering, with servicing and parts
availability also ensured,” he added.
Vinod Dasari, Ashok Leyland
managing director, said: “We have decided to acquire Nissan’s stake in the
three joint venture companies, and this will help focus our efforts to concentrate
on our core business initiatives and our customers. We will continue our
relationship with Nissan under the new arrangement”.
Hyundai Motor India Ltd. (HMIL) has announced its new campaign with the 6- and 7-Seater SUV – Alcazar, featuring Shah Rukh Khan and the four 4 Indian Women Cricketers -Smriti Mandhana, Jemimah Rodrigu...
Leading two wheeler automobile manufacturer TVS Motor Company has announced the integration of the innovative location technology, what3words into its customer app – TVS Connect. TVS Connect users ca...
Technology-driven consumer finance NBFC Credit Wise Capital launched its AI backed and WhatsApp integrated bot Twin2.