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Ashok Leyland Ltd has approved the sale of its Ductron Castings Unit to its associate company Ennore Foundries Ltd for Rs 62 crore (Rs 620 million).
The board of directors and the shareholders had on March 5, approved the sale of the unit to its associate EFL on a 'going concern' basis for Rs 62 crore, it informed the Bombay Stock Exchange on Monday.
The valuation for the unit has been carried out by PriceWaterhouseCoopers and finalised by the board committee comprising all the independent directors. The total sale consideration of Rs 62 crore will be payable by EFL in cash, it added.
It has been proposed to effect the sale and transfer of the DCU not later than July 2005, it added.
The board has also appointed P N Ghatalia as a Director of the company to join the board from April 1.