Ashok Leyland, Nissan tie up to foray into LCVs

New Delhi, Aug 29 (UNI) Leading vehicle manufacturer Ashok Leyland Ltd today said it has tied up with Japan-based Nissan Motor Co Ltd for manufacturing and marketing of Light Commercial Vehicles (LCVs).

As per the agreement, the companies will jointly develop, manufacture and distribute LCV products under both the company and Nissan brand names.

The companies would form three ventures for vehicle manufacture, powertrain manufacture and technology development, a statement said.

The manufacturing unit for the LCVs will be located in India and Nissan Motor Company will hold majority stakes in the company and the production volume (for Indian and export markets) is expected to be above 1,00,000 units annually.

Company's Managing Director R Seshasayee said, '' This partnership with Nissan, renowned for their product engineering and a wide range of LCV products, will allow Ashok Leyland to expand into the fast-growing LCV segments in India. We look forward to harvest the full potential of the two organisations.'' UNI