Ashok Leyland, the 2nd largest commercial vehicle manufacturer in India, announced that the company has divested 48.5% equity stake held in Ashok Leyland Wind Energy (ALWEL) to a buyer and all the relevant agreements to this effect have been signed and closing of the deal has been completed.

Consequent to the above, the shareholding of the company in ALWEL has come down from 60% to 11.5% and hence ALWEL ceases to be a subsidiary of the company with immediate effect. As part of the transaction, the company has also sold its windmill assets on slump sale basis. The company has made a profit of Rs 60 million in the above transactions.

Shares of the company gained Rs 4.4, or 6.32%, to settle at Rs 74. The total volume of shares traded was 1,657,501 at the BSE (Monday).