Ashok Leyland, the flagship company of the Hinduja Group has purchased a majority stake in British bus maker Optare. The Indian commercial vehicle manufacturer had earlier procured a 26 per cent stake in Optare in 2010. But a recent re-financing agreement between the two companies has taken Ashok leyland's stake to 75.1 per cent.
This increase is Ashok Leyland's stake must be approved by Optare's shareholders before it becomes official. Ashok Leyland has not indicated the amount of money it has paid to secure the stake. The company had earlier involved itself with Optare as part of its Global expansion plans.
Ashok Leyland Chairman Dheeraj G Hinduja in a statement to the press said: "We are confident that, together, we can surge ahead with Optare taking advantage of the large opportunities for growth and development we see based on synergy and integration with Ashok Leyland's bus business."
Jim Sumner, Chief Executive Officer, Optare, said: "This is great news for Optare's customers, employees and suppliers and secures stability and the long-term future of the business. The re-banking represents a defining moment in the company's 3-year turnaround plan which commenced in June 2009."
Ashok Leyland has been one of India's leading truck and bus manufacturer. The company already has a joint venture with Nissan in India and is also keen to make a mark in the international markets.
This increase is Ashok Leyland's stake must be approved by Optare's shareholders before it becomes official. Ashok Leyland has not indicated the amount of money it has paid to secure the stake. The company had earlier involved itself with Optare as part of its Global expansion plans.
Ashok Leyland Chairman Dheeraj G Hinduja in a statement to the press said: "We are confident that, together, we can surge ahead with Optare taking advantage of the large opportunities for growth and development we see based on synergy and integration with Ashok Leyland's bus business."
Jim Sumner, Chief Executive Officer, Optare, said: "This is great news for Optare's customers, employees and suppliers and secures stability and the long-term future of the business. The re-banking represents a defining moment in the company's 3-year turnaround plan which commenced in June 2009."
Ashok Leyland has been one of India's leading truck and bus manufacturer. The company already has a joint venture with Nissan in India and is also keen to make a mark in the international markets.
