Ashok Leyland inks MoU with Israel's Elbit Systems for high mobility vehicles

Hinduja Group firm Ashok Leyland Wednesday said it has signed a memorandum of understanding (MoU) with Israel's Elbit Systems for high mobility vehicles.

"As part of this agreement, Ashok Leyland will provide high mobility vehicles (HMV) for mounting Elbit Systems' artillery guns and systems. The integrated systems are targeted for worldwide export markets," Ashok Leyland said in a regulatory filing.

Ashok Leyland MD Vinod K Dasari said this partnership will expand the company's reach globally.

"It underlines our capabilities of making and designing in lndia, for the world. This step is also in line with our strategy of increasing contribution from our defence business which will help us de-risk our overall business," he said.

Elbit Systems, is engaged in a range of defense areas including land systems, artillery systems and platforms, howitzers, mortars and ammunition.

Shares of Ashok Leyland were trading 2.58 per cent higher at Rs 105.55 apiece on BSE.