India Eco Summit: Ashok Leyland sees double-digit sales growth

Commercial vehicle maker Ashok Leyland today said it expects a double-digit growth in sales during this fiscal on the back of a strong demand.

"The medium and heavy commercial vehicle segment has recovered in sales and is witnessing a robust growth. We expect the industry to grow in at least double digit during the fiscal and our company's growth will also be likewise," Ashok Leyland Managing Director R Seshasayee told reporters on the sidelines of India Economic Summit here.

The growth in medium and heavy commercial vehicle segment, he said, is likely to take a big leap in the fourth quarter due to pre-buying, on account of new emission norms that will come into effect from April 1, 2010.

"We expect a positive demand during the fourth quarter. Even this month, we are short of production due to demand," he said.

Regarding the company's joint venture with Nissan, he said the project is on target. "We have redrawn the project to use the facilities of both the companies. Now, we will be using our facility at Hosur for the first phase before looking for a greenfield site for the second phase of the project." he added.