Last year in July, the Hinduja Group company had acquired a 26 per cent stake in Optare as a long-term strategic partnership. The additional stake acquisition development follows a refinancing deal announced today subject to the shareholders approval of the Optare.
According to a statement given by Ashok Leyland, “The board of directors of the company at their meeting held today approved the proposal for making additional investment up to GBP 40,04,495 in Optare Plc, UK. The re-financing has been achieved by Ashok Leyland facilitating a credit-line to support Optare's re-banking options and providing a substantially improved working capital facility for the business.”
Mr Vinod Dasari, Managing Director, Ashok Leyland, said, “We see this as an important element in realising our vision of being among the top five bus manufacturers globally.”
Ashok Leyland is engaged in the manufacturer of commercial vehicles in India with through its seven manufacturing locations and associate companies in the Czech Republic.
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