Ashok Leyland cashes out stake in Avia

Chennai, March 30:

As a part of its plan to sell non-core assets, commercial vehicles major Ashok Leyland has sold its holding in Avia Ashok Leyland Motors in Czech Republic and 48.5 percent stake in its wind energy company, the company said on Monday.

In a regulatory filing with the BSE, Ashok Leyland said it realised $10.96 million selling Aiva Ashok Leyland and Rs.6 crore profit selling 48.5 percent stake in Ashok Leyland Wind Energy Ltd.

The stake in Avia Ashok Leyland has been sold to a strategic investor and the relevant agreements have been signed and the deal closed, it said.

Ashok Leyland acquired Avia Truck Business in 2006 for around $35 million.

Consequent to the stake sale in the wind energy company, its holding has gone down to 11.5 percent from the earlier level of 60 percent, it said. IANS