NEW DELHI (India) - The Hinduja Group said that it is expanding its global automotive business with plans to widen the product portfolio of its commercial vehicles and foundries by foraying into components, construction equipment and technology.
The group has rechristened LRLIH Ltd, the holding company of Ashok Leyland Ltd and Ennore Foundries Ltd, to Hinduja Automotive Ltd (HAL) and said that it was targeting organic and inorganic growth for global automotive business.
“Hinduja Automotive will be the exclusive platform for strategic ownership and related businesses of the Group in the automotive sector,” the Group said in a statement.
It said that HAL would expand its present interest in commercial vehicles and foundries to a wider range of products and services such as components (including iron and aluminium foundry products), construction equipment, technology and other adjacent areas.
Mr Gopichand P Hinduja and Mr Dheeraj G Hinduja will continue as chairman and co-chairman respectively of the company.
The managing director and CEO of Ashok Leyland Mr R Seshasayee will be appointed as vice-chairman of Hinduja Automotive with immediate effect, it said, adding that he would be responsible for developing strategy and the group's vision for global growth of the automotive business.
Mr Anders Spare, the current chief executive officer of LRLIH, will continue as the CEO of HAL, the statement added.