New Delhi: Commercial vehicle major Ashok Leyland Ltd will enter the Russian market with a local partner in a year's time, said a top company official. He also said the company plans to enter the top 10 global commercial vehicle manufacturer's club soon and betting big on its modular platform.
"We have identified a local assembler in Russia to take our franchise. We will enter the Russian market in next 12 months," Dheeraj G. Hinduja, Chairman, told reporters here on Monday.
According to him, in the new markets, the company will have a local partner as there will be tax concessions. Hinduja said large distributors in newer markets are now showing interests in taking Ashok Leyland franchise.
He said the company is looking at newer overseas markets like Indonesia, Malaysia and others apart from Russia. As a measure to look at newer overseas markets, Ashok Leyland has decided to come out with a left hand drive vehicle for all its new models.
Currently, the company exports to Sri Lanka, Bangladesh, Nepal, Middle East, Bhutan, East and West African markets. He said, Ashok Leyland is faring better during this downturn as compared to earlier downturn in 2013-14.
"We have gained market share in the bus and medium and heavy commercial vehicle's segment. Our market share now is 31 per cent. We are also cutting costs," Hinduja said.
