Ashok Leyland, the second largest truck and bus maker in India, has sold its 32 percent stake in one of its subsidiary companies, Hinduja Tech Ltd (HTL).

In a filling to the Bombay Stock Exchange, the company said HTL (formerly known as Defiance Technologies) and a wholly owned unlisted subsidiary of Ashok Leyland, has now become a subsidiary company.

To unlock value, HTL has roped in a strategic investor to subscribe to the equity share capital of the company. Consequent to the allotment of equity shares to the strategic investor, the holding of Ashok Leyland now stands at 68 percent.

In a recent CII conference in Chennai while talking to Autocar Professional, Subu Subramanian, managing director and CEO, Hinduja Tech, said that the company is working on a manufacturing app which is combination of software, hardware and embedded technology which will help manufacturing companies for efficient working. The apps will be released in another two months’ time, he added.

Hinduja Tech (earlier Defiance Technologies) is a Hinduja Group Company incorporated in 2009, with a focus to provide engineering, manufacturing and enterprise (EME) services and solutions for the automotive, aerospace, defense, industrial and general manufacturing industries. 

Earlier this year the company sold a property in Chennai for over Rs 200 crore. Reports also suggest that Ashok Leyland is in talks with potential buyers to sell its German subsidiary Albonair GmbH, which develops emissions treatment systems and products and Czech Republic-based Avia Trucks.