Ashok Leyland to buy out Nissan’s 38% stake in Hinduja Tech

By: |
February 26, 2021 3:00 AM

The company owns 62% in the paid-up share capital of HTL and the remaining was held by Nissan International Holding.

The company owns 62% in the paid-up share capital of HTL and the remaining was held by Nissan International Holding.The company owns 62% in the paid-up share capital of HTL and the remaining was held by Nissan International Holding.

Hinduja group flagship Ashok Leyland (ALL) on Thursday announced it has entered into a share purchase agreement with Nissan International Holding to acquire the latter’s 38% stake in Hinduja Tech (HTL) for a consideration of Rs 70.20 crore. Following the acquisition, HTL will become a wholly-owned subsidiary of the Chennai-based commercial vehicle manufacturer.

The company owns 62% in the paid-up share capital of HTL and the remaining was held by Nissan International Holding.

HTL works in the IT & ITeS space.

In 2019-20, the company reported a profit of Rs 15.95 crore as against Rs 14.30 crore in the year ago period. The company’s revenue stood at Rs 226.16 crore in 2019-210 as compared to Rs 210.19 crore in the corresponding period of the last year.

Nissan International Holdings, a Dutch investment arm of Japanese automaker Nissan, came as the strategic investor on Hinduja Tech in 2014.
Founded in 2009, Hinduja Tech provides engineering, manufacturing and enterprise (EME) services and solutions for automotive, aerospace, defence, industrial and general manufacturing industries.

ALL and Nissan had decided to part away in 2016 out of their light commercial vehicle (LCV) JV, which was formed in 2007 and other related joint ventures. ALL decided to buy its partners stake in the JVs, which were floated by the two partners.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Registered 5million merchants via Amazon Pay, focussed on helping SMBs embrace e-payments: Amazon
2Samsung Galaxy S20 FE 5G review: More value than OnePlus 9
3HDFC Bank Q4 net profit jumps 18% on-yr; board decides against declaring dividend in Mar 2021 amid COVID surge