Ashok Leyland floats new subsidiary Vishwa Buses and Coaches

CHENNAI: Heavy commercial vehicles-maker Ashok Leyland on Friday said it has incorporated a wholly owned subsidiary 'Vishwa Buses and Coaches Ltd' (VBCL) with a paid-up share capital of Rs 60 crore.
In a BSE filing, the Hinduja Group company said VBCL is a 100 per cent subsidiary and the initial capital of Rs 60 crore was fully infused by the company at par of Rs 10 each per share.

VBCL has been incorporated to carry on the business of bus body and coach-building, the filing said.

In another notification, Ashok Leyland said its shareholding in Optare PLC, the United Kingdom, has come down to 91.63 per cent from 99.24 per cent following the conversion of loans by Hinduja Automotive Ltd into equity shares in Optare PLC.

"We wish to inform that consequent to the conversion of loans by Hinduja Automotive Ltd, UK, into equity shares in Optare PLC, the Ashok Leyland Ltd shareholding in Optare PLC, stands reduced from 99.24 per cent to 91.63 per cent," the company said.

The consolidated revenue of Optare PLC as on March 31, 2020, was Rs 336.22 crore.

Optare PLC is engaged in the business of manufacturing and selling buses in the UK.