Ashok Leyland, Nissan to invest $ 500 mn in 3 JVs

New Delhi, Oct 29: Heavy commercial vehicle maker Ashok Leyland and Japan's Nissan Motor Co today said they have signed three Joint Ventures (JVs) and will pump in 500 million dollars to develop and manufacture Light Commercial Vehicles(LCV).

The companies will develop and manufacture LCV products, powertrains under both the Ashok Leyland and Nissan brands as well as cooperate in sales, a statement said.

In the vehicle manufacturing plant agreement, Ashok Leyland will hold 51 per cent of the stake and the rest will be owned by Nissan.

The manufacturing plant will start operating in 2010, with volumes expected to grow beyond 1,00,000 a year in the medium term, the statement added.

UNI