The flagship company of the Hinduja Group, Ashok Leyland has recently said that the commercial vehicle will soon pick up a 26% stake in UK-based Optare.

While the move comes as an attempt by Ashok Leyland as a part of its strategy to expand into new markets, the company will be buying the stake in this bus manufacturer for close to for $7.5 million (about Rs 35 crore).

The company said in a statement that the deal will in a way help the commercial vehicle maker to expand its presence in new markets, accelerate technology, and to focus on new product development.

Moreover, Ashok Leyland Managing Director R Seshasayee said that the alliance will help the company in its global bus program, which is under development currently.

Optare Non-Executive Chairman John Fickling said that this deal will largely benefit the bus customers in UK and will take the company on global charts. It is to be mentioned here that Ashok Leyland has made a steady comeback after suffering from low sales last year and is all set to trigger the growth from here on.