HV Axles Limited (HVAL), 85% subsidiary company of the Company, is engaged in the business of manufacture of axles for Heavy & Medium Commercial Vehicles (M&HCV), with production facilities and infrastructure based at Jamshedpur. Major capacity expansion and modernisation initiatives have been undertaken at HVAL to meet the growing demand for axles for M&HCVs over the years. HVAL has manufactured new variants of axles during the year for application in the Company's new products.

HVAL recorded a turnover of Rs.160.24 crores (a decrease of 21%), PAT of Rs.27.84 crores (a decrease of 56%) and has declared a dividend of Rs.2/- per share for the FY 2008-09 (previous year Rs.5/- per share). [www.hvaxles.com]