The Chennai-based firm has acquired Ashok Leyland Nissan-Vehicles Ltd, Nissan-Ashok Leyland Powertrain Ltd and Nissan-Ashok Leyland Technologies Ltd.
"This is an important milestone in the history of Ashok Leyland. We are very positive on the future of the LCV business which is growing," Ashok Leyland Chief Executive Officer and Managing Director Vinod K Dasari said in a statement.
"While we have acquired 100 per cent ownership of the JVs, we will continue to be associated with Nissan for the technology of the existing Dost, Partner, and Mitr models," he said, adding that these are very important products for the company and hold tremendous potential both within and outside India.
"Our association with Nissan continues in a new relationship," Dasari said.
In September, Ashok Leyland and Nissan had announced reaching a new arrangement in which Nissan would transfer its ownership in the three JVs to Ashok Leyland subject to statutory approvals.
Under the new arrangement, Ashok Leyland will continue to build, under a licensing agreement, the successful Dost, Mitr, and Partner light commercial vehicles, which are based on Nissan's design, engineering and technology.
Servicing and parts availability for customers will be ensured by a technical support arrangement. In addition, the two companies have agreed to continue a deal to procure made-in-India parts to Nissan.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.