May 13, 2008 -- Indian auto major Ashok Leyland says it has signed an agreement with component maker JBM Auto for setting up a manufacturing unit entailing an investment of Rs 1 billion at the company's upcoming plant in Uttrakhand. JBM Auto will hold a majority share in the strategic alliance with 74 per cent, while Ashok Leyland will hold 26 per cent.
The estimated investment in the JV is around Rs 1 billion and there would also be large pressing and welding facilities, a statement issued by the auto major said. Ashok Leyland, which is setting up an integrated Rs 20 billion facility near Pantnagar in Uttrakhand, will source sheet metal components for its G90 Cab and G-90 FES from JBM Auto's unit in the complex.
Abstracted from Asia Pulse
