Hinduja Technology Becomes Subsidiary, Ashok Leyland Sells 38% Stake

Hinduja Group’s flagship company and commercial vehicle major Ashok Leyland has sold a part of its stake in its wholly owned subsidiary Hinduja Tech Limited (HTL). The company now holds 62% stock in the subsidiary company.

“To unlock value, HTL has roped in a strategic investor to subscribe to the equity share capital of the company. Consequent to the allotment of equity shares to the strategic investors, the holding of AL now stands at 62%,” the company informed the National Stock Exchange (NSE) in a letter.

Earlier, Ashok Leyland had informed the exchange that following stake sale, the company’s share had reduced to 68%. Also, it has also not disclosed the value at which the stake was sold.

Hinduja Tech Limited was launched in 2009, and since then it has been providing solutions and services to sectors such as automotive, defence, aerospace, industrial and general manufacturing industries.

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