Chennai, Nov 20 (IANS): Commercial vehicle major Ashok Leyland Ltd, a part of the Hinduja Group, on Friday said it has floated wholly-owned subsidiary to build bus bodies and coaches.

In a regulatory filing, it said it has invested Rs 60 crore in the equity of the subsidiary, Vishwa Buses and Coaches Ltd, and the company is yet to start commercial operations.

Ashok Leyland also said that the company Board on November 6 has approved the introduction of Voluntary Retirement Scheme (VRS) for all eligible employees of the company.

The VRS will be implemented over a period of nine months at the company offices/ factory locations, and upon implementation and execution, will help optimise the capacity and resources of the company.

Ashok Leyland also said its stakes in the Rs 336.22 crore turnover Optare Plc has come down to 91.63 per cent from 99.24 per cent consequent to the conversion of a loan given by Hinduja Automotive Ltd, London to Optare.