Ashok Leyland and Nissan Motor sign three JVs

Ashok Leyland limited (ALL) and Nissan Motor Company on October 29, 2007 have signed a MoU to foray into manufacturing of Light Commercial Vehicles (LCVs) with an initial investment of $500 million under three different joint ventures. The agreements were signed in Chennai by R Seshasayee, MD, ALL and Carlos Ghosn, CEO, Nissan.
In the manufacturing JV, ALL will hold a stake of 51% and rest by Nissan. The states short-listed for the plant is Tamil Nadu, Andhra Pradesh and Uttarakhand. Production will start from 2010 and will include Nissan Atlas F24 light duty trucks.
The second JV is for making power train, used in engines and other drive train components for LCVs and also for export. In the second JV Nissan will hold 51% and rest by ALL. The plant will be in India.The third JV is a technology development company based in Tamil Nadu where both the parties will hold equal stake