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Ashok Leyland Buys 25% stake From Optare
The UK company, Optare was founded in 1985, specialises in low-floor, mid-sized buses as well as modern range of city buses. Having operations at Leeds and Blackburn, Optare has close to 34 percent market share in the UK, where it competes with players such as Wrightbus and Alexander Dennis. Optare has a capacity to produce 1,100 units per annum. Optare has expanded its business from UK to North America and Continental Europe and is the solo player in midibus segment selling more than 4000 units till date.
Optrare has expertised in low-floor, double-decker in UK and the electric bus product of this company has fetched orders from European countries, in order to promote cleaner and greener mobility.
Ashok Lelyand has been taking terms with the 5-million Optare for almost a year to make the deal.
Buying stakes in Optare will lead Ashok Leyland in expanding its global bus programmer which is right now, under development.
V Sumantran, Hinduja Automotive executive vice-chairman said that Ashok Leyland will have access to technology implemented by Optare which will include the modern range of mid-size and full-size city buses.
He also mentioned that apart from access to Optare's current range of products, AL and Optare will share IPR (intellectual property rights) on co-developed products.
Optare CEO Jim Sumner (via a live video conference from the UK) mentioned that Optare had been reconnoitering for a long-term strategic mate and this new partnership will help lead the way in low-carbon designs.
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