Prime property in Chennai to be sold by Ashok Leyland
Ashok Leyland is facing high debt and a decline in sale of commercial vehicles over the last several quarters. As part of the plan to tackle the problems it is selling of immovable property, including the prime property in Chennai.
Boat Club area, which is one of the most expansive residential localities in Chennai, has been put on block. It is a 1 acre property.
The company had earlier sold lands to garner funds. In the third quarter, it sold a surplus land parcel in Ennore for Rs. 40 crore, the industrial area to the north of Chennai, where it has a factory.
Source: Business Line
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