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The decision comes after Ashok Leyland earlier announced it was planning to raise money by diluting its non-core assets.
The acquiring company, Exova is into testing, calibration and advisory services, and has operations in US, Europe and other parts.
Commenting on the sale, V Sumantran, vice chairman, Ashok Leyland, said “it is reflective of Ashok Leyland's dynamic shift in strategic priorities aimed at enhancing the value of its business in the medium term”.
When contacted, he was not available for comment to give further details about the transaction.
The company's statement added that Ashok Leyland’s separate entity, which is focused on IT and engineering services, namely the Defiance Technologies Ltd, remains unaffected by this transaction.
Acquired by Ashok Leyland in 2007, the US-based DTE provides testing and engineering services to manufacturers and leading suppliers in the passenger car, light truck, bus and military vehicle sectors. It also has component and systems testing, systems simulation among others.
