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To get a 49.9% ownership position in TVS Trucks, Ashok Leyland invests INR 24.95 crore.
Through this partnership, both businesses get a strategic advantage in the cutthroat automobile industry.
New Delhi:
To obtain a 49.9% stake in TVS Trucks and Buses Private Limited (TVS Trucks), Ashok Leyland has spent INR 24.95 crore. TVS Trucks becomes an Ashok Leyland associate firm as a result of this strategic investment.
The official allocation of equity shares by TVS Trucks’ Board of Directors cemented Ashok Leyland’s cooperation with Television Systems Private Limited. Since its formation on June 13, 2023, TVS Trucks, which specializes in the automobile dealership industry, has quickly developed its footprint in India.
Ashok Leyland currently controls 49.9% of TVS Trucks, a joint venture with TVS Mobility Private Limited, in which it maintains a majority ownership of 50.1%. Through this partnership, both businesses are advantageously positioned in the competitive.Â
In Uttarakhand, Ashok Leyland launches an apprentice involvement program.
Ashok Leyland and the Government of Uttarakhand signed a Memorandum of Understanding (MoU) in July 2023, and since then, the firm has worked to increase employability in the state. According to the MoU, 1000 apprentices would be hired per year for three years, beginning in 2023. According to the company, the program is designed to give apprentices skills relevant to the industry and get them ready for future employment options.
The Apprentice Engagement Letters were given to the first batch of apprentices at Rudrapur Pantnagar, Uttarakhand, on Friday by Ashok Leyland, the Indian flagship of the Hinduja Group. State Minister for Skill Development and Employment Saurabh Bahuguna, as well as Ashok Leyland’s COO, Ganesh Mani, were present. The National Apprenticeship Promotion Scheme (NAPS) is in line with this program.
Ashok Leyland and the Government of Uttarakhand signed a Memorandum of Understanding (MoU) in July 2023, and since then, the firm has worked to increase employability in the state. According to the MoU, 1000 apprentices would be hired per year for three years, beginning in 2023. According to the company, the program is designed to give apprentices skills relevant to the industry and get them ready for future employment options.
“We understand the vital significance of empowering youth through skill development initiatives,” stated Shenu Agarwal, MD and CEO of Ashok Leylan. Gaining relevant skills is crucial for people to succeed in their occupations and make significant contributions to society in a constantly changing environment. Our partnership with the Uttarakhand government demonstrates our commitment to developing local talent and generating long-term job prospects. By making investments in skill development, we help people reach their full potential and influence positive change in their communities.”
“Our collaboration with the state government is a testament to our strong confidence in the transformative potential of skill development. We are privileged to be involved in the programs that propel Uttarakhand’s socioeconomic growth,” COO Ganesh Mani remarked.
The Apprentice Engagement Letters are a testament to Ashok Leyland’s commitment to empowering youth, advancing skill development, and supporting Uttarakhand’s socioeconomic development. Thanks to the collaborative efforts of the government and Industrial Training Institutes (ITIs) across Uttarakhand, Ashok Leyland has successfully onboarded over 400 apprentices across a variety of disciplines to date, the firm announced in a press statement.