Leyland sells 32 % stake in IT arm to Nissan’s unit

November 24, 2014 10:53 pm | Updated 10:53 pm IST - CHENNAI:

Ashok Leyland has sold 32 per cent stake in its IT arm Hinduja Tech Ltd. (formerly Defiance Technologies Limited) to Nissan International Holdings BV, an investment arm of Japan-based Nissan Group. Financial terms of the deal were not disclosed.

The development comes as the Chennai-based Ashok Leyland, the flagship company of the Hinduja Group, is looking to sell its stakes in subsidiaries in a bid to cut debt.

Ashok Leyland has informed the stock exchanges that Hinduja Tech had roped in a strategic investor. Consequent to allotment of equity shares to the strategic investor, its holding in the company stood reduced at 68 per cent. However it did not disclose the name of the investor. According to Ashok Leyland’s latest annual report, erstwhile Defiance had 8 crore equity shares of Rs. 10 each.

Subu D Subramanian, managing director and chief executive officer of Hinduja Tech Ltd., confirmed that Nissan’s arm Nissan International Holdings BV was the investor.

Nissan is already a client of Hinduja Tech.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

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 The Hindu 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.