As a part of its plan to dispose non-core assets commercial vehicles major Hinduja Group flagship firm Ashok Leyland on Monday said that it has sold its holding Avia Ashok Leyland Motors, Czech Republic and 48.5 per cent stake in its wind energy company.
In a regulatory filing to the BSE, Ashok Leyland said it realised $10.96 million selling Aiva Ashok Leyland and Rs 6 crore profit selling 48.5 per cent stake in Ashok Leyland Wind Energy.
Ashok Leyland said its stakes in Avia Ashok Leyland has been sold to a strategic investor and the relevant agreements have been signed and the deal closed.
The Indian commercial vehicles major acquired Avia Truck Business in 2006 for around $35 million. It was later rechristened as Avia Ashok Leyland Motors and produced a class of trucks with gross vehicle weights of 6.5 tonnes to 12 tonnes.
The company said that consequent to the stake sale in the wind energy company, its holding has gone down to 11.5 per cent from the earlier level of 60 per cent.
DHNS and Agencies
Published 30 March 2015, 20:59 IST