On track to become major player in India, says Nissan

Nissan is on track to become a major player in the Indian market, Nissan's corporate vice president in charge of the Global LCV Business Unit Philippe Guérin-Boutaud, said.

The statement was made during the announcement that Nissan had agreed to sell its shares of three joint venture companise to Ashok Leyland. 

"Nissan is committed to India and has invested substantially in manufacturing, research and development and sales networks in the country," he added. 

Nissan India announced its decision to sell all shares in three joint venture companies to Ashok Leyland, on Wednesday. The deal is likely to be concluded by the end of the year. 

The three entities were formed in 2008 and focus on technology development, and manufacturing of power trains and vehicles, a press release said. 

After the necessary approvals from regulators, and a completion of the shares' sale, the three joint ventures will become wholly-owned Ashok Leyland subsidiaries. 

Both Nissan India and Ashok Leyland, however, have agreed to continue a deal to procure Made in India parts to Nissan. 

Vinod Dasari, Ashok Leyland managing director, said: “We have decided to acquire Nissan’s stake in the three joint venture companies, and this will help focus our efforts to concentrate on our core business initiatives and our customers. We will continue our relationship with Nissan under the new arrangement.”

“We are pleased to be moving forward into a new phase of our business with Ashok Leyland,” Guérin-Boutaud said