Nissan Ashok Leyland Technologies approaches BIFR after accumulated losses
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Chennai: Nissan Ashok Leyland Technologies Ltd (NALT), an equal joint venture between Nissan Motor Co. of Japan and Ashok Leyland Ltd, has moved the Board for Industrial and Financial Reconstruction (BIFR) due to financial constraints.
According to a document filed with BIFR, the company’s entire networth has been fully eroded due to accumulated losses, which stood at Rs.172.37 crore. Its audited balance sheet for the fiscal ended 31 March 2014, showed its net worth as Rs.52.05 crore. The investment in the factory in Kanchipuram district, near Chennai, was Rs.9.29 crore, the BIFR document said. The board will take up the case for hearing on 22 February 2016.
The Financial Express, which reported the development on Wednesday, quoted a Nissan India spokesperson as saying that the company has been given time till 22 February to respond to BIFR’s contention.
In 2008, Nissan Motor Co. of Japan and Ashok Leyland signed three joint ventures for light commercial vehicles business, powertrain manufacturing and technology development. While Ashok Leyland has 51% and Nissan has 49% in both the vehicle manufacturing company and the powertrain company, the technology development company has 50:50 by both.
In May this year, the Chennai-based company said it would discontinue manufacturing its multi-purpose vehicle Stile. This vehicle was first product that was produced from the joint venture between Nissan and Ashok Leyland.
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