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September 07, 2007 13:16 IST
The joint venture of Ashok Leyland [Get Quote] and Nissan for manufacturing light commercial vehicles would become operational during the current financial year, executive vice-chairman of Hinduja Group India Subir Raha said.
"We are hopeful to operationalise the agreement this year," he said.
Raha said that the exact nature of the JV would be finalised first, following which the new company would scout for land for setting up a new plant to manufacture LCVs.
He told reporters here last night that this was the first time the Hindujas were entering the LCV segment.
Ashok Leyland, the flagship company of HGI, is already in the heavy commercial vehicles (HCV) and bus segments.
Asked whether talks were on with various states for selection of site for the new plant, Raha said "we have sounded out several states. We will go for whoever gives the best deal."
Raha said it was the policy decision of the Hindujas not to enter the passenger car segment as a new line of activity.
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