Ashok Leyland Bags Rs 1,140 Crore Tanzania Order – The Third From The African Country
Ashok Leyland wins its third order from the Government of Tanzania.
Ashok Leyland Ltd.’s shares rose after the company won a Rs 1,140 crore order from the Government of the United Republic of Tanzania, for vehicles and equipment for ambulances. This is its third order from the African country.
The order includes purchase of vehicles, gensets, spares and equipment for development of workshops and training modules with additional equipment to be fitted on ambulances, according to the company's filing on the BSE.
The company has previously supplied 773 vehicles to Tanzania under Line of Credit from the Indian government and is currently executing an order for 777 vehicles to the Ministry of Home Affairs in Tanzania.
Exports to key international markets is an essential part of Ashok Leyland’s strategic intent to globalise its product portfolio and derisk itself from supplying only into India. The new order from Tanzania, valued at Rs 1,140 crore fast on the back of $200 million by the Cote D’Ivore - also reiterates market acceptance of Ashok Leyland’s products in the African region. We, at Ashok Leyland, are truly enthused by this strategy to expand out global presence, as we are certain it will pay rich dividends in the future.Vinod K Dasari, Managing Director, Ashok Leyland.
The order is being financed completely by Exim Bank of India under the National Export Insurance Account Scheme, the filing added.
Shares of the vehicle maker rose 2.4 percent to Rs 86 on the back of the order on the BSE.