Comments
Ashok Leyland has entered into a share purchase agreement with Nissan International Holding BV to buy the latter’s 38 per cent stake in Hinduja Tech Ltd (HTL) for about ₹70 crore.
The move will make Hinduja Tech Ltd (formerly known as Defiance Technologies), engaged in IT and IT enabled services, a subsidiary of Ashok Leyland.
Ashok Leyland owns 62 per cent in the paid-up share capital of HTL and the remaining is held by Nissan International Holding BV, a Dutch investment arm of Japanese automaker Nissan.
The truck and bus-maker has proposed to buy 58,500,000 shares held by Nissan International Holding BV for a total consideration of ₹70,20,00,000 constituting 38 per cent in the paid-up share capital of HTL, Ashok Leyland said in a communiqué to stock exchanges.
In 2019-20, HTL revenue stood at ₹226.16 crore in 2019-10 as compared to ₹210.19 crore in the previous year. The company generated a profit of ₹15.95 crore in FY20 as against ₹14.30 crore in the previous year.
In November 2014, Nissan International Holdings came as a strategic investor by taking 38 per cent stake in in Hinduja Tech.
In September 2016, Ashok Leyland and Nissan announced that they had reached a new arrangement in which Nissan would transfer its ownership in the three JVs to Ashok Leyland.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.