Ashok Leyland increases stake in Optare to 75.1 per cent
Hinduja Group's flagship, Ashok Leyland along with other associate companies will increase its stake in British bus maker Optare plc to 75.1 per cent. Initially the company had acquired 26 per cent stake in Optare in July 2010 as part of a long term strategic partnership. If things go well, Optare will be fully integrated into Ashok Leyland's global strategy for buses.
Dheeraj G. Hinduja, chairman, Ashok Leyland said,"We are confident that, together, we can surge ahead with Optare taking advantage of the large opportunities for growth and development we see based on synergy and integration with Ashok Leyland's bus business."
Jim Sumner, chief executive officer, Optare mentioned, "This is great news for Optare's customers, employees and suppliers and secures stability and the long-term future of the business. The re-banking represents a defining moment in the company's 3-year turnaround plan which commenced in June 2009."
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