Ashok Leyland and Nissan Motor Company have rolled out their first light commercial vehicle under the brand, “Ashok Leyland-DOST”
Hinduja Group flagship company Ashok Leyland and Japanese auto-maker Nissan Motor Company have rolled out their first light commercial vehicle under the brand, "Ashok Leyland-DOST."
Ashok Leyland and Nissan Motor Company entered into a master-cooperation agreement in October 2007. The agreement envisaged the two companies entering into the light commercial vehicle business in India for vehicle manufacturing, powertrain manufacturing and technology development. As per the agreement, both companies will together make an investment of Rs2,300 crore.
After making a soft launch to the media with their first 1.25-tonne pick-up vehicle, branded "Ashok Leyland-DOST", Nissan Ashok Leyland Powertrain Ltd chairman and Hinduja Automotive executive vice-chairman Sumantran said they would be manufacturing the product from Ashok Leyland's Hosur plant in the first phase.
"We are going completely into a new chapter. Ashok Leyland did not have products in the 7.5 GVW (gross vehicle weight) category. With this association (with Nissan Motor Company) we are going into a segment which is more crowded...," Mr Sumantran said.
Stating that the use of their existing facility has made them utilise only "half" of the earmarked investments, he said the growth of vehicle sales in the 3.5-tonne (category) in India was a "phenomenon".
While the formal roll-out of the product will take place in the second quarter next fiscal, Mr Sumantran said the new vehicle will be available in three versions-a base version, a mid-version with power steering and higher version with a dual tone interiors, power steering and an air-condition facility.
He declined to comment on the price of the vehicle, saying it would be released only when the product goes for sale. He also declined to comment on volume of the products they would be rolling out from Hosur facility. "The plant has a capacity of 150,000 units. Both Ashok Leyland and Nissan would be utilising it for producing the vehicles from this plant in the first phase," he said.
For retailing the product, Ashok Leyland would appoint an exclusive LCV dealership network across the country in the coming months, he added.
The flagship products to be rolled out from this partnership range from trucks to buses in the 5 tonne-7.5 tonne GVW (gross vehicle weight) category.
The commercial vehicle unveiled is equipped with a turbo-charged common rail diesel engine developed by Ashok Leyland engineers. The design and body of the vehicle has been made by Nissan Motor Company.
On Tuesday, Ashok Leyland ended 0.79% down at Rs56.45 on the Bombay Stock Exchange, while the Sensex gained 0.94% to 19,120.80.
Axis Bank plans to launch six additional branches in Mumbai, taking the total number of its branches in Maharashtra to 181 by 31st March
Private sector lender Axis Bank said it plans to launch six additional branches in Mumbai, taking the total number of its branches in Maharashtra to 181 by 31st March.
These branches, located in the Mumbai Circle, also include branches in Navi Mumbai and Turbhe, a press release said.
Axis Bank's deputy managing director, SK Chakrabarti, said, "Axis Bank is focused on taking its products and services into the farthest corners of the country. The Bank, to grow its network and achieve this, planned to open 350 branches across the country by the end of this fiscal and is well on course to achieve that target."
The Bank enjoys the patronage of the state government for collection of stamp duty through franking.
On Tuesday, Axis Bank ended 2.74% up at Rs1,422.60 on the Bombay Stock Exchange, while the Sensex gained 0.94% to 19,120.80.
Sources say the investigation panel has found evidence of “collusive/partial bidding” and “manipulation of documents” in tenders for various projects.
New Delhi: The high-level Shunglu Committee has blamed the Commonwealth Games Organising Committee for the delay in executing contracts for the mega sporting event which led to cost escalation.
In a report submitted to the Prime Minister's Office, the Committee is understood to have found evidence of "collusive/partial bidding" and "manipulation of documents" in floating tenders, reports PTI.
Prime minister Manmohan Singh had on 25 October 2010 appointed the committee under the chairmanship of former Comptroller and Auditor General VK Shunglu to look into alleged corruption and managerial lapses in the conduct of the Commonwealth Games held in Delhi between 3rd and 14th October last year.
According to sources, the Shunglu panel has also questioned decisions of certain Organising Committee officials in finalising, floating and awarding a number of contracts. The Committee investigation is understood to have found fault with giving overlays contracts, they said.
Sources having access to the panel's report said that of a total of 540 contracts that were to be completed by 2009, the Organising Committee had executed 37, which had led to supply of inferior quality products at highly-inflated rates. The remaining 503 contracts were carried out by firms after January 2010, they said.
The Shunglu panel had on 31st January submitted its first report on alleged irregularities in awarding broadcasting rights for the event and recommended strict action against suspended chief executive officer of Prasar Bharti BS Lalli and former director general (Doordarshan) Aruna Sharma under the relevant sections of the Indian Penal Code and Prevention of Corruption Act for their alleged acts of omission and commission.
In its second and third reports on the Games Village and City Infrastructure respectively, it named Delhi lieutenant governor Tejinder Khanna and chief minister Sheila Dikshit for alleged inadequacies.
The Central Bureau of Investigation, the Central Vigilance Commission, the Enforcement Directorate and the Income-Tax Department are probing several cases related to financial and managerial bunglings in games-related projects carried out by the Organising Committee, civic and construction agencies like the Municipal Corporation of Delhi, Delhi Development Authority, Public Works Department, New Delhi Municipal Council and some others.