M a r k e t N e w s

Ashok Leyland bags $79.2 million project in Tanzania, Zimbabwe

Posted on : Thursday, 4th December 2014

Hinduja Group flagship firm Ashok Leyland has announced bagging of two large integrated transport projects in Tanzania and Zimbabwe worth a total of $79.2 million. 

 
As part of the project, the company will supply trucks, buses, light commercial vehicles, spares and allied support services, includes training and developmental consultancy, Ashok Leyland said in a statement. 
 
Besides, the company will also address a variety of mobility requirements in various tourism and economic development programmes, it added. 
 
Commenting on the development, Ashok Leyland Managing Director Vinod K Dasari said: "These projects are a continuation of the many pilot projects we have done across Africa to offer integrated solutions and these orders have been won in the face of stiff global competition." 
 
He said the company had made a conscious effort to provide thrust to its international operations and Africa was a very important part of this strategy. 
 
"It is very encouraging to see our efforts bear fruit. I am confident this is the beginning of a successful new area of enhanced cooperation between Ashok Leyland, Africa and our valued customers," he added. 
 
Exim Bank has financed these projects under their NEIA (National Export Insurance Account) scheme, that supports project exports from India, the company said. 
 
Shares of Ashok Leyland were trading at Rs 55.25 per scrip, in the morning trade, up 1.38 per cent from the previous close on the BSE.

Source : economictimes.indiatimes.com
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