Hinduja group acquires IVECO's stake in Ashok Leyland

New Delhi, July 24 (UNI) The Hinduja Group today said it has bought IVECO's stake in commercial vehicle maker Ashok Leyland and Ennore Foundries.

''In view of the changed business plans of both the partners and considering the strategic priorities for Ashok Leyland in the emerging global scenario, we have mutually agreed to pursue out goals independently,'' a joint statement by Hinduja Group Vice Chairman G P Hinduja and IVECO CEO Paolo Monferino said here.

The group has brought out IVECO's stake in LRLIH Ltd, UK.

With this, the Hinduja Group has become 100 per cent holder of LRLIH, which has about 51 per cent shareholding in Ashok Leyland Ltd, and 59 per cent in Ennore Foundries Ltd.

Mr Hinduja said, the group will support Ashok Leyland's efforts to further strengthen R and D efforts towards technological excellence and global competitiveness.

''We have also received several proposals for strategic partnerships and alliances to which we are open. These are currently being evaluated and a decision will be made as long as they do not compromise Ashok Leyland's inherent strengths or impose geographical limitations.

Mr Hinduja also referred to the expansion plans of Ennore Foundries, which include a green field project of 50,000 tonnes annual capacity. This will take the company's total capacity to 1,25,000 tonnes.

The group also pursuing acquisitions opportunities in foundry business, globally.

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