Ashok Leyland has divested its entire stake of 100% ownership interest held in Avia Ashok Leyland Motors s.r.o. to a strategic investor as part of restructuring of investment in subsidiaries. The relevant agreements to this effect have been signed and closing of the deal has been completed.
Accordingly, Avia Ashok Leyland Motors s.r.o. has ceased to be a wholly-owned subsidiary of the Company with immediate effect. The said transaction has resulted in the cash realisation of $10.96 million to the Company.
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.
