Avia Ashok Leyland Motors s.r.o, the Czech Republic subsidiary of Ashok Leyland which it sold recently as part of selling its non core assets, was bought by Ashok Leyland (UAE) LLC (ALUAE), in which the commercial vehicle major holds 49 per cent equity.
According to an clarification provided by the company to the Bombay Stock Exchange, "the buyer is Ashok Leyland (UAE) LLC (ALUAE), a company incorporated under laws of Ras Al Khaimah, United Arab Emirates in which Ashok Leyland holds 49 per cent of the equity."
It further said that the UAE based firm is an associate company of the Ashok Leyland and the transaction was as part of restructuring exercise of the company's subsidiaries.
Avia, which had a turnover of Rs 6.12 crore in FY 2014 (December), had net worth of Rs 90.35 crore. The consideration of sales was $10.97 million received towards transfer of the whole shares of Ashok Leyland in Avia and repayment of loan with interest accrued, it said.
It added that it has also sold Ashok Leyland Wind Energy Ltd for a consideration of Rs 20.08 crore for sale of 14574250 shares, which comprises of 48.5 per cent of share capital of the company. The consideration also included Rs 93 crore towards sale of windmill assets by Ashok Leyland, as part of Ashok Leyland's strategy to sell its non-core assets, it added.
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