Hinduja Group flagship company Ashok Leyland has sold 32 per cent stake in its subsidiary firm Hinduja Tech (HTL) to a strategic investor. However, the company did not disclose the amount for which the stake has been sold. Consequent to the allotment of equity shares to the strategic investor, the holding of Ashok Leyland now stands at 68 per cent from 100 per cent.
Hinduja Tech was incorporated in 2009 with a focus to provide engineering, manufacturing and enterprise (EME) services and solutions for automotive, aerospace, defence, industrial and general manufacturing industries, while Ashok Leyland is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
