Ashok Leyland signs JV deal with Paramount Group

Durban (South Africa): South Africa-based Paramount Group has signed an agreement with India's Ashok Leyland for setting up a manufacturing unit that will produce armoured vehicles in India.

Ashok Leyland will invest more than US$ 10 million in the plant. Both companies will manufacture mine-protected armoured vehicles at a plant, that will be built in India. The venture will offer a new vehicle named Stallion .

The deal will help Paramount Group to set up its second joint assembly plant outside South Africa. It already has a joint assembly plant in Azerbaijan.