Nissan Motor Co. Ltd. is partnering with India’s No.2 bus and truck maker Ashok Leyland Ltd. to build light commercial trucks for the local market.

The two companies reportedly are planning three joint ventures for vehicle and powertrain production and technology development. No financial details have been provided.

Nissan and Ashok Leyland each will hold 50% of the vehicle-manufacturing venture, which will have a combined 100,000-unit annual capacity for India and export. The Indian partner currently holds 30% market share of the domestic market.

“Our LCV business and overall expansion into India represent two of the biggest growth opportunities for Nissan in the medium and long term,” Nissan President and CEO Carlos Ghosn is quoted by Reuters as saying.

Nissan also has a JV with alliance partner Renault SA and India’s Mahindra & Mahindra Ltd. to build small passenger cars starting in 2009.