The new company will manufacture bus bodies and coaches
T E Narasimhan |
Last Updated at November 20, 2020 23:51 IST
File photo of an assembly line at an Ashok Leyland manufacturing plant
Ashok Leyland Ltd has incorporated a wholly-owned subsidiary Vishwa Buses and Coaches Limited with a capital of Rs 60 crore.
The new company will manufacture bus bodies and coaches. Meanwhile, Ashok Leyland said it had reduced its shareholding in Optare PLC, its UK subsidiary.
On Optare, Ashok Leyland said consequent to the conversion of loans by Hinduja Automotive Ltd, UK, into equity shares in Optare PLC, the company’s (Ashok Leyland Limited) shareholding in Optare PLC, stands reduced from 99.24% to 91.63%.
Optare PLC is engaged in the business of manufacturing and selling of buses.
Optare reported a loss of Rs 138.23 crore in 2019-20, as compared to loss of Rs 85.33 crore in 2018-19 and loss of Rs 90.27 crore in 2017-18. Revenue dropped to Rs 336.22 crore in 2019-20 from Rs 449.89 crore reported in the corresponding period of the previous year.
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First Published: Fri, November 20 2020. 18:17 IST