STOCK MARKET DESK

Ashok Leyland has said that it will invest Rs 30 billion for a new plant in Uttarakhand and expand capacity at its Ennore facility in Tamil Nadu, according to reports in media.

The Hinduja group’s flagship company is setting up a 50,000-unit capacity plant in Uttarakhand, that gives income tax and excise breaks to investing companies.

Fresh investments would also be used for new engine development in partnership with Austrian firm AVL, Ashok Leyland CFO K Sridharan told media. "The company will invest additional Rs 30 billion on the new vehicle plant coming up in Uttarakhand, besides expanding the plant at Ennore and engine development," Sridharan said adding that the first vehicle from integrated plant at Uttarakhand by April 2009.