Ashok Leyland forms JV with US-based John Deere

Ashok Leyland forms JV with US-based John Deere

The country's second largest truck make Ashok Leyland on Monday has notified that it has completed the formation of a joint venture with the US-based agriculture equipment maker John Deere for manufacturing and marketing construction equipment.

According to an official release, the joint venture will initially manufacture backhoes and wheel loaders and will market these in India and abroad. The range will subsequently be expanded to include a full line of construction equipment.

The 50:50 JV would start producing various equipments by 2011 from a new production facility in Chennai.

It should be noted that the two partners had tied up last year to form a JV in the country.

The scrip of Ashok Leyland closed the day with gain of 3% at Rs 32. The counter has made 52-week-high and low of Rs 38 and Rs 12 respectively.