|
Iveco, the
trucks to buses commercial vehicle entity of Fiat, and
Hinduja Group, who together hold a 51 percent shareholding
in India’s Ashok Leyland and 59 percent in Ennore Foundries,
have concluded a new Agreement to significantly enlarge the
cooperation between Ashok Leyland and Iveco.
Commenting on the agreement, Mr. Luca Cordero di Montezemolo,
Chairman of Fiat Group, highlighted that “the enlarged
cooperation between Iveco and Ashok Leyland is a major step
in our strategy of global profitable growth”.
Mr. John Elkann, Vice Chairman of Fiat S.p.A. believes that
“the agreement strengthens Iveco’s position in the fast
growing Asian market and provides Iveco and Ashok Leyland a
strong platform to take advantage of emerging major
opportunities in the world market place.
"Additionally, it provides Iveco, through Ashok Leyland, a
solid base for best cost country sourcing of products and
services”.
Mr. G.P. Hinduja, President, Hinduja Group declared that
“Ashok Leyland will have a preferred option for accessing
world class Iveco technology including light, medium and
heavy duty trucks as well as buses, special vehicles and
powertrain technologies.
Ashok Leyland and Iveco will together explore key export
markets. Our agreement will significantly reinforce the
potential and the future of Ashok Leyland for the benefit of
its customers and shareholders”.
|
 |
|
Commenting on the agreement, Mr. Luca Cordero di
Montezemolo, Chairman of Fiat Group, highlighted
that “the enlarged cooperation between Iveco and
Ashok Leyland is a major step in our strategy of
global profitable growth” |
|
|
 |
|
Iveco and Hinduja Group have
agreed to
significantly enlarge the cooperation between Ashok Leyland
and Iveco |
|
|
Mr R. Seshasayee, Managing Director of Ashok Leyland,
commenting on the agreement said that “It represents,
without any doubt, a strong win-win situation for both
Companies”.
The Hinduja Group
The Hinduja Group is a major transnational conglomerate with
a diversified portfolio of businesses, which provides a
variety of products and services worldwide. The Group has
structured themselves into four core business areas namely;
Global Holdings & Trading, Investment Banking, Global
Investment and Hinduja Foundation. Under Global Holdings,
the Group has strategic interests in Transportation, Banking
& Finance, Energy, Chemicals & Agriculture, Media &
Communications, IT, Real Estate and Project Development
sectors. The Hinduja Foundation reflects global initiatives
in health, education, art and culture and social welfare.
Ashok Leyland
Ashok Leyland, the Hinduja Group flagship company in India,
is a leading manufacturer of commercial vehicles with a
product range of 7.5T GVW to 49T GTW in goods vehicles and
19 to 80 seaters in passenger models with an annual sales
value of circa US $ 1 billion. The company also exports to
over 40 countries in Asia, the Middle East and Africa.
|
|
|
|
