Ashok Leyland signs MoU with Tamil Nadu govt to invest Rs 1,200 cr

Hinduja Group flagship Ashok Leyland has earmarked investments of Rs 1,200 crore in Tamil Nadu, for taking up overall business expansion over the next three to five years, the company said on Monday.

Ashok Leyland Managing Director and CEO Shenu Agarwal exchanged documents with Industries Department Secretary V Arun Roy during the second day of the Global Investors Meet in the presence of Chief Minister M K Stalin here.'

The investment of Rs 1,200 crore is assigned for strategic initiatives to drive innovation, technological advancements and overall business expansion, the heavy commercial vehicle maker said in a release.

Ashok Leyland is committed to creating employment opportunities for 500-1000 people, both direct and indirect, based on the work demand, it said.

"This commitment also reflects the group's vision for sustainable growth and competitiveness in the automotive sector," it added.