Ashok Leyland’s board has approved to acquire up to 19% additional equity shares in Hinduja Leyland Finance (HLFL), a subsidiary company, from the existing shareholders, in tranches, for a consideration not exceeding Rs 1200 crore. The Board of Directors of the company, at the meeting held on March 18, 2020 has approved the same.
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.