Ashok Leyland to sell casting unit to Ennore Foundries for Rs 62 crore
By Our Corporate Bureau | 07 Mar 2005
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New Delhi: The shareholders of Ashok Leyland and Ennore Foundries, at two separate EGMs, approved the proposal for the sale of Ashok Leyland's Ductron's Casting Unit (DCU) to Ennore Foundries.
The two companies had set up special committees consisting of independent directors of the respective companies to deal with the merger. Following independent valuation by PricewaterhouseCoopers (PWC) on behalf of Ashok Leyland and by Ernst & Young on behalf of Ennore Foundries, the final sale value arrived at for DCU is Rs 62 crores which the shareholders of these two companies have approved at the EGMs convened by the two companies.
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