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Ashok Leyland sells Avia, divests stake in wind energy firm ALWEL

The step has been taken for a cash realisation of $10.96 million.

By: ENS Economic Bureau | New Delhi | Published: March 31, 2015 3:47:51 am

Hinduja Group flagship firm Ashok Leyland on Monday said it has sold its entire holding in Czech arm Avia Ashok Leyland Motors to an undisclosed ‘strategic investor’ for a cash realisation of $10.96 million.

In a filing to the Bombay Stock Exchange, the firm said it has divested its entire stake of 100 per cent ownership interest held in Avia Ashok Leyland Motors 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,” it said. Consequently, Avia Ashok Leyland Motors s has ceased to be a wholly-owned subsidiary of the company with immediate effect, the filing said.

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