Ashok Leyland, the Hinduja Group flagship company in India, along with its two investment arms, Ashley Holdings and Ashley Investments, has infused around Rs 45 crore in Ashok Leyland UAE LLC. The company has taken this step in order to strengthen its UAE arm and at time when it is betting big on the UAE plant, which is also expected to assemble its UK arm Optare products - mainly solo - for West Asia and other markets.
The Reserve Bank of India’s overseas investment data during March, showed Ashley Holdings had invested $2.14 million, Ashley Investments $2.1 million while Ashok Leyland had invested $2.85 million as equity in the UAE subsidiary, which achieved cash break even recently. The company attributed the break even to increase in sales, which stood at 1,250 vehicles in 2012.
The company had earlier in 2007 inked MoU with the Ras Al Khaimah Investment Authority to set up a facility at Ras Al Khaimah which reached its peak capacity by rolling out four buses a day. The company is active in West Asian and African markets and since vehicles from this plant feed those markets the plant has become crucial for company’s international operations.
As UK remains difficult, it became necessary for the company’s UK arm to look at new markets with the help of parent Ashok Leyland’s network and drivelines. The company had built 400 vehicles for the UK market and delivered 190 kits to South Africa in 2012. It expects to do around 500 buses and 200 kits looking ahead.
| Company Name | CMP |
|---|---|
| Tata Motors | 780.05 |
| Ashok Leyland | 214.75 |
| Force Motors | 6546.70 |
| Olectra Greentech | 1407.35 |
| SML Isuzu | 1366.80 |
| View more.. | |
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