Iveco, the commercial vehicle arm of Fiat, and the Hinduja Group, which together hold a 51% shareholding in India’s Ashok Leyland and 59% in Ennore Foundries, have signed a new agreement to significantly develop the co-operation between Ashok Leyland and Iveco.
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Commenting on the agreement, Luca Cordero di Montezemolo, chairman of the Fiat Group, said: “The increased cooperation between Iveco and Ashok Leyland is a major step in our strategy of global profitable growth.”
John Elkann, vice chairman of Fiat S.p.A., added: “The agreement strengthens Iveco’s position in the fast growing Asian market and provides Iveco and Ashok Leyland with a strong platform to take advantage of emerging major opportunities in the world market place.”
GP Hinduja, president, Hinduja Group, said: “Ashok Leyland will have a preferred option for accessing world class products from Iveco including light, medium and heavy duty trucks as well as buses, special vehicles and powertrain technologies. Ashok Leyland and Iveco will also work together to explore key export markets, with the agreement significantly reinforcing the potential and the future of Ashok Leyland for the benefit of its customers and shareholders.”
Ashok Leyland and Iveco discuss new joint ventures
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