Ashok Leyland acquires LCV business from Nissan

Ashok Leyland Ltd. has announced the completion of acquisition formalities of Nissan Motor Co. Ltd.’s stake in each of the three joint ventures (JVs) formed between the two companies, namely Ashok Leyland Nissan-Vehicles Limited, Nissan-Ashok Leyland Powertrain Limited and Nissan-Ashok Leyland Technologies Limited. In September 2016, Ashok Leyland and Nissan reached an arrangement under which Nissan would transfer its ownership in the three JVs to Ashok Leyland subject to statutory approvals. With all necessary statutory approvals in place the acquisition was completed for a consolidated consideration of Rupees-three paid by Ashok Leyland for all the shares of the three JVs. As part of the arrangement, Ashok Leyland will continue to build, under a licensing agreement, the Dost, Mitr, and Partner light commercial vehicles based on Nissan’s design, engineering and technology.