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Ashok Leyland floats subsidiary to build bus bodies, introduces VRS
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SME Times News Bureau | 21 Nov, 2020
Commercial vehicle major Ashok Leyland Ltd, a part of the Hinduja Group,
on Friday said it has floated wholly-owned subsidiary to build bus
bodies and coaches.
In a regulatory filing, it said it has
invested Rs 60 crore in the equity of the subsidiary, Vishwa Buses and
Coaches Ltd, and the company is yet to start commercial operations.
Ashok
Leyland also said that the company Board on November 6 has approved the
introduction of Voluntary Retirement Scheme (VRS) for all eligible
employees of the company.
The VRS will be implemented over a
period of nine months at the company offices/ factory locations, and
upon implementation and execution, will help optimise the capacity and
resources of the company.
Ashok Leyland also said its stakes in
the Rs 336.22 crore turnover Optare Plc has come down to 91.63 per cent
from 99.24 per cent consequent to the conversion of a loan given by
Hinduja Automotive Ltd, London to Optare.
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