Ashok Leyland to set up Manufacturing Facility in Kenya, Bangladesh
Hinduja Group
flagship company Ashok Leyland has firmed up its plans to strengthen overseas
presence as part of its vision to garner one-third of revenues from exports.
The heavy commercial vehicles maker is setting up
an assembly facility in Kenya, another one in Bangladesh through a partner and
also expanding its UAE unit, CFO of Ashok Leyland Gopal Mahadevan said.
Mahadevan said Kenya was a key
market for the company in the African region. The proposed assembly plant will
also help Ashok Leyland tap the neighboring African countries, including Ivory
Coast and Senegal.
The African region, which was
earlier dominated by Chinese firms, has now opened up for Indian companies now.
To prove it, the company recently bagged $100 million worth of orders from
Ivory Coast and another $50 million worth of orders from Senegal. “Being the
first mover into these markets, Ashok Leyland will naturally set to benefit.
The company can also offer products at competitive prices,” Mahadevan said.
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| Ashok Leyland EURO 6 Tractor - Displayed at Autoexpo 2016 |
“We expect to better the industry’s expected
growth of 15% in current fiscal as we had done in Q1 with a 19% growth as
against an industry growth of 15%. With the new emission Euro IV norms coming
into place effective April 2017 and higher infra spend, we hope to post better
growth,” he added.
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