Ashok Leyland Ltd said it has acquired about 50 per cent in TVS Trucks and Buses Pvt Ltd for ₹25 crore. TVS Trucks, incorporated in June 13, 2023, is engaged in the automotive dealership business in India. Ashok Leyland has invested ₹24.95 crore in TVS Trucks and Buses Pvt Ltd by way of equity shares. Consequent to the allotment by the Board of Directors of TVS Trucks on Friday, the company’s shareholding in TVS Trucks is 49.9 per cent by virtue of which TVS Trucks has become an associate company,” it said in a filing to stock exchanges.
The acquisition will strengthen Ashok Leyland’s automotive business, it added.