Ashok Leyland increases stake in Ashley Aviation

: Hinduja group's flagship Ashok Leyland has increased the shareholding in the aviation firm Ashley Aviation Ltd to make it a wholly-owned subsidiary.

In a filing to stock exchanges Wednesday, the city-based Ashok Leyland, a commercial vehicle major, said it owns 49 per cent of the paid-up share capital of Ashley Aviation while the remaining was with various individual shareholders.

The commercial vehicle-maker has acquired 27.25 per cent of shares from an individual shareholder at a cost of Rs 55.59 lakh taking the total shareholding to 76.25 per cent, the company said.

Also, there was a plan to buy the shares held by individuals in the aviation company before March 3, 2019 to make it a wholly-owned subsidiary and also received the approval from the Ministry of Civil Aviation in this regard, Ashok Leyland said.

Ashley Aviation has clocked a revenue of Rs 9.62 crore for the year-ending March 31, 2018 while it was Rs 10.89 crore during the corresponding period last year.