"Ashok Leyland Invests ₹25 Crore for 50% Stake in TVS Trucks & Buses"

Ashok Leyland Ltd has finalized the acquisition of approximately 50% ownership in TVS Trucks and Buses Pvt Ltd for a total consideration of ₹25 crore. TVS Trucks, established on June 13, 2023, operates within the automotive dealership sector in India.

Ashok Leyland's investment of ₹24.95 crore in TVS Trucks and Buses Pvt Ltd has been executed through the purchase of equity shares. Following the allotment sanctioned by the Board of Directors of TVS Trucks on Friday, Ashok Leyland's shareholding in the company now stands at 49.9%, consequently rendering TVS Trucks as an associate company.

In a disclosure to stock exchanges, Ashok Leyland highlighted that this strategic acquisition is poised to fortify its presence within the automotive industry. The move signifies Ashok Leyland's commitment to enhancing its automotive business operations.

HBL