Ashok Leyland bags order worth Rs. 1,140 cr from Tanzania
The Dollar Business Bureau
Ashok Leyland, the leading Indian commercial vehicle manufacturer, on Thursday said it has got an order worth Rs.1,140 crore ($170 million) from Tanzania for supplying vehicles, gensets, spares, etc.
The order also consists of supplying equipment for workshop development, training modules and related equipment to be equipped on ambulances, the company said in a filing with BSE.
“The new order from Tanzania, valued at $170mn, fast on the back of the $200mn by Cote D'Ivore also reiterates the market's acceptance of Ashok Leyland's products in the African region,” said Vinod Dasari, Managing Director of Ashok Leyland.
He further said that export to major overseas markets is a vital part of the company's strategic intent to globalize its products and de-risk itself to supply only in India.
The recent order is being fully funded by EXIM (Export-Import) Bank of India under the scheme of National Insurance Account (NEIA).
Ashok Leyland had recently completed the order of 773 vehicles to Tanzania under a Line of Credit from Government of India.
“In addition, the company is executing one more order for supplying 777 vehicles to the Tanzanian Ministry of Home Affairs,” it said.