India’s Hinduja Group has acquired Iveco’s 30% stake in Machen Iveco Holding which, through its wholly-owned subsidiary LRLIH Ltd UK, has approximately a 51% shareholding in Ashok Leyland and 59% in Ennore Foundries, ending a partnership that dates back to the 1987 Hinduja/Iveco acquisition of LRLIH from the UK’s Rover Group.
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LRLIH’s shareholding in Ashok Leyland was then 40%, which was increased to 51% in 1994.
In a joint statement, GP Hinduja, president, Hinduja Group, and Paolo Monferino, chief executive officer, Iveco, said: “In view of the changed business plans of both the partners and considering the strategic priorities for Ashok Leyland and Iveco in the emerging global scenario, we have mutually agreed to pursue our goals independently, in the spirit of mutual respect and goodwill adopted during our long partnership.”
