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Our Bureau

Chennai , Jan. 29

THE board of directors of Ashok Leyland on Saturday approved the sale of the company's Ductron Castings Unit to Ennore Foundries Ltd. Both Ashok Leyland and Ennore Foundries belong to the Hinduja group.

Ashok Leyland has informed stock exchanges that the consideration for the sale would be arrived at by independent valuers. An extra-ordinary general meeting is to be held on March 5, for obtaining shareholders' approval.

The sale of Ductron Castings to Ennore Foundries had been on the cards ever since the group decided that the new Rs 150-crore castings unit would be put up by Ennore Foundries, instead of Ashok Leyland. The reason for bringing the project under Ennore Foundries, it was said, was that the company had better expertise in the foundry industry. Accordingly, it was expected that Ductron Castings would also be consolidated under Ennore Foundries.

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