Rajalakshmi Grp buys 63MW of wind energy from Ashok Leyland

Written By Unknown on Senin, 06 April 2015 | 21.03

Consequent to the development,shareholding of Ashok Leyland in ALWEL came down from 60 percent to 11.5 percent.

Rajalakshmi Group, which has set up engineering and technology colleges, has purchased 63MW of wind power from Hinduja Group flagship  Ashok Leyland at Rs 170 crore as part of increasing its footprint in renewable energy.

"Rajalakshmi Group, which bought last week 63 MW of windpower from Ashok Leyland for a consideration of Rs 170 crore expects to increase wind power capacity to 200 MW and also put up not less than 53 MW of solar energy in Tamil Nadu over the next four years," a press release said.

In a notice to BSE last month, Ashok Leyland said the company has divested 48.5 per cent equity stake held in Ashok Leyland Wind Energy Ltd (ALWEL) to a "buyer" and all relevant agreements had been signed and the deal completed.

Consequent to the development,shareholding of Ashok Leyland in ALWEL came down from 60 percent to 11.5 percent. Ashok Leyland earlier had not disclosed the name of the company which purchased wind energy from it.

Rajalakshmi Automobiles Managing Director Abhay S Meghanathan said, "We already have 750 acres of land in some of the locations in Tamil Nadu and we are going on high gear to raise our green power portfolio".

Rajalakshmi Automobiles, is the automobile marketing division of the Rajalakshmi Group. Meghanathan said the company has Power Purchase Agreements with Tamil Nadu Electricity Generation and Distribution Company and the group was moving ahead with solar projects in the State.

Ashok Leyland stock price

On April 06, 2015, Ashok Leyland closed at Rs 73.70, down Rs 0.45, or 0.61 percent. The 52-week high of the share was Rs 76.05 and the 52-week low was Rs 21.80.


The company's trailing 12-month (TTM) EPS was at Rs 1.65 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 44.67. The latest book value of the company is Rs 15.69 per share. At current value, the price-to-book value of the company is 4.70.


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