Ashok Leyland to set up manufacturing unit in Uttaranchal

Ashok Leyland Ltd has announced that the Company plans to set up a vehicle manufacturing unit in Uttaranchal. An investment of over Rs 1000 crores will create vehicle assembly and cab facility to produce 25,000 vehicles annually, which will be stepped to 40,000 nos eventually. About 200 acres of land has been identified in Pant Nagar for this purpose. The unit will create employment for 3000 people.

Explaining the rationale for selecting the site, said Mr R Seshasayee, Managing Director. "This unit will strengthen our presence in Northern India which already contribute nearly a quarter of our sale. The development of Uttaranchal as an auto hub made our selection easier." The investments will enjoy excise duty exemption and income tax exemption / concession for five / ten years.

Source : Equity Bulls

Keywords