Truck maker Volvo is reportedly negotiating with the controlling family of Ashok Leyland to gain a stake in the Indian truck maker.
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According to Reuters, citing the Times of India newspaper, the board of Volvo’s India unit is considering buying a stake in UK-based Land Rover Leyland International Holdings (LRLIH).
Marten Wikforss, head of media relations at Volvo in Sweden, told just-auto: “We do not ever comment on media speculation.”
LRLIH, which holds about 51% of Ashok Leyland, is fully owned by the Hinduja Group, which bought out Iveco’s stake in the UK division last month (24 July).
The partnership between the Hinduja Group and Iveco had dated back to their 1987 acquisition of LRLIH from the UK Rover Group .
Officials at Ashok Leyland’s headquarters, in Chennai, India, were not immediately available for comment.
