Online edition of India's National Newspaper
Tuesday, May 27, 2008
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Online edition of India's National Newspaper Tuesday, May 27, 2008 ePaper | Mobile/PDA Version |
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COMING TOGETHER: (From left) Andy Palmer, Corporate Vice President, Carlos Tavares, Executive Vice-President, Nissan Motor Company, R. Seshasayee, MD, Ashok Leyland and V. Sumantran, Executive Vice-President, Hinduja Automotive formalise three joint ventures. CHENNAI: Ashok Leyland, the flagship company of the Hindujas, and Nissan Motor Company of Japan have announced a stepped up aggregate investment of $575 million into three joint ventures that they have planned to set up in India. When Carlos Ghosn, President and CEO of Nissan Motor Company, addressed a joint press conference here a few months ago, the two partners had indicated an investment of around $500 million into these three ventures. The partners have indicated this increase in investment limit while announcing the legal formation of three joint venture companies – Ashok Leyland Nissan Vehicles Pvt. Ltd., Nissan Ashok Leyland Powertrain Pvt. Ltd. and Nissan Ashok Leyland Technologies Pvt. Ltd. In the vehicle company, Ashok Leyland will hold 51 per cent stake. In the power train venture, Nissan will hold major shares. In the technology joint venture, both will have equal holdings. V. Sumantran, Executive Vice-Chairman, Hinduja Automotive Ltd., told The Hindu that the stepped up investment was largely due to the increase in the scope of the operations, taking into consideration different elements of the product mix. In this context, he said the joint venture was looking at 100,000 vehicles in the first phase itself. The vehicle plant, he said, was expected to go on stream in 2010-11. Given this, he expected the work on construction to commence in the second half of this year.
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