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Nissan International Holdings BV, investment arm of the Japan-based Nissan Group, has taken a one-third stake in Hinduja Tech Ltd (HTL, formerly Defiance Technologies Ltd), a subsidiary of Ashok Leyland.
The deal value was not disclosed. HTL, a wholly owned unlisted subsidiary of Ashok Leyland (AL), 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 AL now stands at 68, per cent,” said Leyland, trying to exit fully or partially from some of its investments as part of a restructuring plan and part of a debt reduction programme.
The commercial vehicle major did not comment on the investor name. However, HTL's spokesperson confirmed the Nissan identity. And, said this would give HTL access to the business of Nissan and Renault, which have formed an global alliance in the automotive industry. Nissan is already a customer of HTL.
In September, Defiance Technologies was renamed Hinduja Tech and unveiled a new logo. Incorporated in 2009, the privately held company provides engineering, manufacturing and enterprise services and solutions for the automotive, aerospace, defence, industrial and general manufacturing industries. The company serves 18 of the Fortune Global 500 companies.
Headquartered at Chennai, Hinduja Tech has development centres in Chennai, Bengaluru and Pune, as well as Cologne in Germany. It has subsidiaries in the US and in Germany, and branch offices in Britain and Dubai.
