Ashok Leyland is all set to sell its 2 non-core overseas units. In this regard, the company has appointed a merchant banker to look for buyers for its two foreign subsidiaries - Albonair GmbH, the German arm which works on reducing vehicle emissions, and Czech Republic-based Avia.
The company for the first time in the last six quarters has made an operating profit and is targeting one-third of its revenue from exports in the next three years. The company’s debt level was down to Rs 4,323 crore in September from Rs 4,700 crore in March 2014. Major portion of proceedings from the QIP was used to repay the debt and also the non-core assets proceeds were also used for the same purpose.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
