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Ashok Leyland increases stake in UK-based Optare by 23%

The UK arm is one of the leading manufacturers of single decker, double-decker buses and electric buses

T E Narasimhan  |  Chennai 

Ashok Leyland increases its stake in UK-based Optare by 23.20% to 98.31%

Commercial Vehicle major Ltd has increased its in its loss-making subsidiary Plc by 23.20% to 98.31%.

The arm is one of the leading manufacturers of single-decker, double-decker buses and electric buses for Britain and other markets.

In 2010, as part of its plan to become one of the top 10 global bus manufacturers, ALL has entered into an agreement with to acquire 26% for a consideration of $7.5 million.

Then in phases, it has increased its to 75.11% over the years.

ALL has said that would help the company to access technology including a modern range of mid-size and full-size city buses which can appeal to both domestic and global markets.

The conversion would help to strengthen the balance sheet of while ALL would consolidate its holding in the firm, said the company.

"The conversion of loans into the equity has no impact on profits and cashflows for the current financial year of as the investments in the equity shares and the loans given to was fully impaired as of March, 2017," said the company.

manufacturer single-decker, double-decker buses and electric buses for the and other export markets.

reported a revenue of £35 million in FY17 and loss of £15.7 million as against revenue of £38.3 million and £9.3 million loss in FY16.

First Published: Fri, November 24 2017. 21:15 IST
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