Thursday, March 27, 2008

Ashok Leyland raises $200 million from overseas

Ashok Leyland, India's second largest commercial vehicle maker, has raised $200 million from international markets for investments both in the domestic market and overseas, a top company official has said.
"The deal got successfully completed at a time when the global financial markets are in turmoil," said K. Sridharan, the company's chief financial officer. "It has been concluded at a very competitive rate."

The external commercial borrowing follows recent joint venture agreements with Nissan to make light commercial vehicles, engines and gearboxes in India.

According to officials, the overseas investment could either be for acquisitions or to set up plants abroad to make commercial vehicles, probably for the Avia brand.

Indo-Asian News Service

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