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Commercial vehicle manufacturer Ashok Leyland has divested its entire stake in Avia Ashok Leyland Motors S.R.O, according to information provided by it to the BSE. The $10.96-million (₹67.95 crore) transaction has been completed with a strategic investor acquiring the stake. This is part of Ashok Leyland’s plans to restructure its investments in subsidiaries. Avia is no longer a subsidiary of Ashok Leyland, it said.
The Avia contributed to the development of Ashok Leyland’s Boss series of intermediate commercial vehicles with European styling and cabs offering greater driver comfort. The Czech subsidiary company Avia Ashok Leyland stopped manufacturing trucks in mid-2013 following the slowdown in the commercial vehicle markets. Its product range included 6.5-tonnes to 12-tonne vehicles.
Sells windmill assets The company sold 1,003 vehicles in 2012 contributing a revenue of CZK665 million (₹164 crore), according to information available on the company’s website. In a separate announcement, Ashok Leyland said it has divested 48.5 per cent stake in Ashok Leyland Wind Energy Ltd.
Following the sale in which it made a profit of ₹6 crore, its holding has come down to 11.5 per cent and the wind energy company is no longer a subsidiary.
As part of the transaction, the company has also sold its windmill assets on slump sale basis.
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