Ashok Leyland acquires LCV business from Nissan Motor Corporation

Ashok Leyland has completed the acquisition of Nissan Motor’s stake in each of the three joint ventures (JVs) formed between the two companies, namely, Ashok Leyland Nissan-Vehicles, Nissan-Ashok Leyland Powertrain and Nissan-Ashok Leyland Technologies. In September 2016, Ashok Leyland and Nissan announced that they had reached a new arrangement in which Nissan would transfer its ownership in the three JVs to Ashok Leyland subject to statutory approvals. With all necessary statutory approvals now in place the acquisition was completed for a consolidated consideration of Rs 3 paid by Ashok Leyland for all the shares of the three JVs.