Ashok Leyland, the Indian commercial vehicle major, has recently received a huge order from the country of Cote D’Ivoire. This is definitely a landmark development for this segment.
The flagship company of the Hinduja Group, Ashok Leyland, dominated headlines by bagging a huge order worth $200 million or approximately INR 1, 331 crore. The country of Cote D’Ivoire in West Africa has contracted Ashok Leyland for supplying 3, 600 vehicles as per the regulatory filing from the Indian behemoth. The company expressed its pride at the government of Cote D’Ivoire choosing its products. This is the biggest such contract for this segment in India and is the largest for the company till date.
According to the company Managing Director, Vinod K Dasari, the company is expecting to use this as a foundation for growing further in West Africa. Exim Bank is funding the contract and this is pending final clearance from the respective governments of the two countries according to Ashok Leyland. These vehicles include buses and trucks and will be delivered throughout the next 12 months. The stock prices of Ashok Leyland witnessing closing figures of INR 97.50 post this announcement or a high or INR 3.45 (3.67%). The shares witnessed a positive high on the bourses and this boosted earnings per share and the latest book value of Ashok Leyland’s shares rests at INR 14.40 per share.
This order is certainly a watershed moment for India’s commercial sector and should pave the way for more such collaborations and developments.