Hinduja Group flagship Indian company Ashok Leyland Ltd, the second-largest commercial vehicle maker in the country, has sold its entire stake in AVIA Ashok Leyland Motors s.r.o. to an unnamed strategic investor for $11 million, according to a stock market disclosure.
The divestment is a part of the company's restructuring of investment in subsidiaries.
AVIA was started almost a century ago as an aircraft maker and started making trucks post World War II.
In July 2006, Ashok Leyland had acquired the truck business of Prague-based AVIA SA, a manufacturer and wholesaler of light trucks.
AVIA Ashok Leyland Motors operates as a vehicle and machinery manufacturer in the Czech Republic. Its products include tipper units, flat bodies, fridge bodies and box vans for car recovery vehicles and mini-skip wagon.
It had stopped making trucks in October 2013 and since then has been only involved with auto components.
Chennai-headquartered Ashok Leyland manufactures and sells commercial vehicles in India and internationally, and counts Kuwait's sovereign wealth fund as one of its institutional shareholders.
Last Nov, Nissan International Holdings, a Dutch investment arm of Japanese automaker Nissan, bought 38 per cent stake in Ashok Leyland's engineering services arm Hinduja Tech.
Shares of Ashok Leyland last changed hands at Rs 74 each, up 6.32 per cent on BSE in a strong Mumbai market on Monday.
(Edited by Joby Puthuparampil Johnson)