Ashok Leyland bags order worth nearly Rs 1,131 crore from Tanzania

Ashok Leyland has bagged order worth $170 million (nearly Rs 1,130.96 crore) from the Government of the United Republic of Tanzania for purchase of its vehicles, spares and ambulance equipments.

 "The company... today announced the winning of an order valued at $170 million from the Government of the United Republic of Tanzania for the purchase of Ashok Leyland's vehicles, gensets, spares and equipment for development of workshops, training modules and allied equipment to be fitted on ambulances," Ashok Leyland said in a filing to the BSE on Thursday.

Commenting on the deal, Ashok Leyland's managing director Vinod K Dasari, said in a statement, "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 $170 million 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."

The company had recently concluded the supply of 773 vehicles to Tanzania under line of credit from the Government of India.

The latest order is being fully financed by EXIM Bank of India under National Export Insurance Account (NEIA) scheme.

On Thursday, the stock of Ashok Leyland closed up 1.72% or Rs 1.45 at Rs 85.65 on the BSE.

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