ASHOK LEYLAND INCREASES STAKE IN OPTARE
Leading Indian bus and truck manufacturer Ashok Leyland, a Hinduja Group Company, has increased its stake in its UK subsidiary Optare Plc by 23.20% to 98.31% by conversion of its existing loans into equity.
Ashok Leyland MD Vinod Dasari says: “Optare is well known for its innovative bus designs and this is a reaffirmation of our Group’s continuing commitment to making Optare a premier bus player in the U.K.
“In response to anticipated needs in the UK and overseas, Optare will be investing extensively in the next generation of all-electric buses, utilising higher density batteries and delivering much improved range. These are expected to be positioned by early 2018.”
Welcoming the decision Optare Chairman John Fickling said: “The move secures the financial stability of the company towards long-term growth.”