Which is believed to be one of its biggest overseas orders, Ashok Leyland has won US$ 170 million (Rs 1140 crores) order from the government of United Republic of Tanzania, a report stated.
The order is for purchase of Ashok Leyland’s vehicles, gensets, spares as well as equipment for development of workshops, training modules and allied equipment to be fitted on ambulances, said a company statement.
According to Vinod Dasari, the Managing Director of Ashok Leyland exports to key international markets is an essential part of company’s strategic intent to globalize its product portfolio and de-risk itself from supplying only into India. The Company is truly enthused by this strategy to expand its global presence, as it is certain it will pay rich dividends in the future.
It may be recalled that Ashok Leyland had recently concluded the supply of 773 vehicles to Tanzania under Line of Credit from Government of India. Further, the company is currently executing another order for the supply of 777 vehicles to the Ministry of Home Affairs of Tanzania.
The latest order is being financed fully by Exim Bank of India under National Export Insurance Account scheme.
Almost a year ago, Hinduja flagship secured a US$ 200 million order for supplying 3600 units to Cote D’lvoire. This new order reiterates market acceptance of the Company’s products in the African region, said the company.
Ashok Leyland share price closed at Rs 85.70, up by 1.60 per cent on NSE on the back of this current news. Ashok Leyland is one of the top 500 stocks recommended by Dynamic Levels research team. Get the important support and resistance levels of the share at Ashok Leyland share price forecast.
Ashok Leyland is an Indian automobile manufacturing company headquartered in Chennai, India. Founded in the year 1948, it is the 2nd largest commercial vehicle manufacturer in India, 4th largest manufacturer of buses in the world and 16th largest manufacturer of trucks globally.
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