Ashok Leyland is ready to take on its competition head on. At the 63rd annual general meeting (AGM) of the company held in Chennai, Ashok Leyland has got shareholder approval to raise Rs 1650 crore..The funds can either be raised through a fresh issue of Non-Convertible Debentures or QIP or it could even be through debt. Speaking at the sidelines of the AGM the truck maker’s Chairman Dheeraj Hinduja ruled out a rights issue..The 1650 crore will be used towards the company’s capital expenditure and for its various subsidiaries. One option Ashok Leyland is looking at is invest in hybrid technology. The company through its subsidiary Optare, UK has a portfolio of electric buses. But the management feels that it will be expensive to bring in electric buses to suit to Indian conditions..However, Ashok Leyland has been looking to bring in the technology-rich Optare in more than one way to India. So, this time Optare’s technology will be used to power its research in the Hybrid space. Mr Hinduja said that the company has already been doing substantial research in the Hybrid space..At the AGM, Mr Hinduja also said that despite many competition coming in, Ashok Leyland has managed to increase its market share from 22 per cent to 26.3 per cent this June and will launch five new models in trucks and buses to improve its presence. Globally, Ashok Leyland now ranks 16th largest truck maker and fourth largest bus maker.