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Bus maker Ashok Leyland will be sewing up at least three overseas joint ventures in the next two to three months, as it looks to consolidate its presence in new geographies.
It is in the final stages of inking joint ventures in Indonesia, Chile and Nigeria, with the company keeping a majority holding in each of these partnerships.
While Ashok Leyland will be exporting the kits, the foreign partners will be responsible for assembling and marketing the buses.
“We are zeroing in on geographies that are not much affected by the global economic slowdown. This year, we are targeting to sell 15,000 buses and trucks in the global market,” Mr Antony Lobo, Special Director (International Operations), told Business Line.
Last fiscal, the company sold 12,200 buses overseas, notching up a revenue of Rs 1,500 crore, which was 15 per cent of its total turnover. This year the target is Rs 1,700 crore, with the company expecting the new joint ventures to give a significant push to its overseas sales.
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