Ashok Leyland has completed acquisition of stake in Ashley Aviation (AAL). The company has acquired 4,50,005 shares of Rs 10 each constituting 11.25% in the paid-up share capital of AAL. The cost of acquisition is Rs 22.95 lakh. AAL is engaged in the business of aviation sector.
Consequent to the said acquisition, the company's shareholding in AAL stands increased from 88.75% to 100% making it a wholly-owned subsidiary of 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.