Ashok Leyland has completed the acquisition of Nissan’s stake in each of the three joint ventures formed between the two companies, namely, Ashok Leyland Nissan-Vehicles, Nissan-Ashok Leyland Powertrain and Nissan-Ashok Leyland Technologies.
“This is an important milestone in the history of Ashok Leyland,” said Ashok Leyland CEO and MD, Vinod Dasari.
“We are very positive on the future of the LCV business which is growing. While we have acquired 100% ownership of the JVs, we will continue to be associated with Nissan for the technology of the existing Dost, Partner and Mitr models.
“These are very important products for us and hold tremendous potential both within and outside India. Our association with Nissan continues in a new relationship.”
Through the new arrangement, Ashok Leyland will continue to build, under a licensing agreement, Dost, Mitr 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.