- Saturday, November 23, 2024
Ashok Leyland’s MD and CEO Shenu Agarwal exchanged a MoU to this effect with Tamil Nadu’s industries department secretary V Arun Roy at the state global investors meet.
By: Shubham Ghosh
ASHOK Leyland, the flagship of the Hinduja Group, has allocated Rs 1,200 crore (£113.6 million) for business expansion in the southern Indian state of Tamil Nadu over the next three to five years, the company announced on Monday (8).
Shenu Agarwal, managing Director and CEO of Ashok Leyland, exchanged a memorandum of understanding to this effect with V Arun Roy, secretary of Tamil Nadu’s industries department, during the second and concluding day of the global investors meet held in state capital Chennai in the presence of chief minister M K Stalin.
The allocation of Rs 1,200 crore is dedicated to strategic initiatives aimed at fostering innovation, technological advancements, and comprehensive business expansion, as stated in a press release by the heavy commercial-vehicle manufacturer.
Ashok Leyland, which is headquartered in Chennai, is committed to creating employment opportunities for 500-1,000 people, both direct and indirect, based on the work demand, it said.
“This commitment also reflects the group’s vision for sustainable growth and competitiveness in the automotive sector,” it added.
(With PTI inputs)
