Ashok Leyland's Uttar Pradesh plant will be predominantly focused on building electric buses and operations will start in 12-13 months, said Chairman Dheeraj Hinduja.
"The UP plant will be predominantly focused on building electric buses and we are looking at a timeline of 12 to 13 months for the plant to be up and running," Hinduja said in an interview with CNBC-TV18.
Hinduja further spoke about the UP market and said the government is very keen to expand its electric vehicle (EV) buses within the state. He said, "we feel quite confident that being there, we'll be able to service them much better."
Hinduja also said this plant would be the company's first to build more EVs than ICE products.
Speaking of the plant's capacity, Hinduja said it will be a small facility with 2,500 buses which can be ramped up to 5,000. "But depending on the market requirement I am sure wouldn't pose a problem," he added.
Shares of Ashok Leyland hit an all-time high of Rs 222.85 apiece on May 27 after the Street cheered its robust January-March quarter (Q4FY24) performance. Brokerages reiterated their positive stance on the company amid strong guidance for FY25, attractive valuations, upbeat CV demand outlook.
Company's net profit jumped 16.73 percent to Rs 933.69 crore during the March quarter of FY24 due to strong demand for its products, both in the light and medium commercial vehicle (L&MCV) segments.
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