Ashok Leyland, the Hinduja group flagship company, is reportedly planning to sell its prime property in Chennai. This is part of a plan involving sale of immovable property to tackle the high debt it is facing, following the slowdown in commercial vehicle sales. The company has put the one-acre property in the Boat Club area in Chennai for sale.
The company is looking to cut debt of Rs 1,000 crore this fiscal and has taken a slew of measures to reduce costs, which include cutting production days to five from six, lay off of 1,300 temporary workers in addition to enforcing a 5% salary cut for the executive cadre and selling stake in non-core subsidiaries.
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.
