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Ashok Leyland Lays Foundation Stone for Greenfield Plant Focused on Clean Mobility

Posted On : 2024-02-20 19:37:54( TIMEZONE : IST )

Ashok Leyland Lays Foundation Stone for Greenfield Plant Focused on Clean Mobility

Ashok Leyland, the Indian flagship of the Hinduja Group and the country's leading commercial vehicle manufacturer, achieved a significant milestone today with the groundbreaking ceremony to set up a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh.

In a ceremony held at the new factory site at Kanpur Road, Lucknow, the Hon'ble Chief Minister of Uttar Pradesh, Shri Yogi Adityanath unveiled the Foundation Plaque and laid down the Foundation stone.

The ceremony was graced by Minister of Finance & Parliamentary Affairs, Govt of Uttar Pradesh Shri Suresh Khanna and Minister for Industrial Development, Export Promotion, NRI, and Investment Promotion, Government of Uttar Pradesh Shri Nand Gopal Gupta, senior members of the Hinduja family, Ashok Leyland's dealers, customers and suppliers, and several other dignitaries.

The greenfield manufacturing facility will be spread over 70 acres. Packed with latest in manufacturing technology, this will be Ashok Leyland's most modern and green factory worldwide, delivering world class quality standards. The primary focus shall be on production of electric buses, while also having capability to produce other vehicles powered by existing and other emerging alternate fuels.

Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland said, "The Foundation Stone laying ceremony marks the beginning of a new chapter for Ashok Leyland in Uttar Pradesh. Once operational, the facility will have a positive impact on our common goals of generating employment opportunities and advancing sustainable mobility in India. We remain committed to driving innovation and setting new benchmarks in the field of green mobility. With this new plant, we are preparing ourselves for the future and take one step further to achieve our Net Zero emissions goals."

Mr. Shenu Agarwal, MD & CEO, Ashok Leyland said, "This facility will not only address the rising demand for electric vehicles but also play a vital role in the holistic development of the region. Our focus on electric trucks and buses resonates with the evolving landscape of sustainable transportation and pushes us one step further to build a green mobility future."

Once operational, the plant will initially have the capacity to produce 2500 vehicles per year. Ashok Leyland plans to expand this capacity to 5000 vehicles annually over the next decade, anticipating the growing demand for electric and other types of vehicles in the coming years.

Ashok Leyland stands to play a pivotal role in Uttar Pradesh's electric mobility sector, particularly considering the state's notable accomplishment of having the highest number of registered Electric Vehicles (EVs) in India, highlighting the state government's strong commitment to facilitating the transition to eco-friendly transportation solutions.

The establishment of this plant signifies a strategic initiative by Ashok Leyland, placing the company at the forefront of the green mobility revolution in the state. This facility will be Ashok Leyland's seventh vehicle plant in the country.

Shares of Ashok Leyland Limited was last trading in BSE at Rs. 173.15 as compared to the previous close of Rs. 172.15. The total number of shares traded during the day was 462076 in over 3761 trades.

The stock hit an intraday high of Rs. 174.85 and intraday low of 171.60. The net turnover during the day was Rs. 80014154.00.

Source : Equity Bulls


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