CHENNAI: Ashok Leyland and JBM Auto, part of the Rs 2,000-crore JBM Group, have signed a joint venture to set up state-of-the-art facilities at the Ashok Leyland complex in Pantnagar in Uttarakhand. JBM Auto will hold a 74% stake in the venture and the balance will be held by Ashok Leyland. An investment of Rs 100 is crore has been planned for setting up the facilities. The venture will have large pressing and welding facilities, too.
The pact was signed by Ashok Leyland COO Vinod K Dasari and JBM Group chairman SK Arya. Ashok Leyland is setting up integrated facilities at Uttarakhand, involving an investment of around Rs 2,000 crore. It will provide land in the complex for the JV and operations will start in 2010, in line with Ashok Leyland�s plan and its commercial vehicle production, Mr Dasari said.
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