Commercial vehicle maker Ashok Leyland, the flagship company of the Hinduja Group, has raised Rs.210 crore from sale of one of its residential properties at Chennai. The sale was done as part of its strategy to sell non-core assets. While the company did not disclose the details of the properties sold, industry sources said that this was a 1-acre property in the posh Boat Club area, one of the most expensive residential localities in Chennai.
In an announcement to stock exchanges, the company said it had completed the sale of the residual section of one of its residential properties. “With this transaction, the sale of the entire property stands completed, for a total consideration of Rs.210 crore, the proceeds of which has since been received by the company fully,” it added.
Ashok Leyland has been looking to sell non-core assets as a part of its plan to cut debt.
