HV Transmissions Limited (HVTL), 85% subsidiary company of the Company, is engaged in the business of manufacture of gear boxes 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 HVTL to meet the growing demand for gear boxes for M&HCVs over the years. HVTL has manufactured new variants of gear boxes during the year for application in the Company's new products.

HVTL recorded a turnover of Rs.142.59 crores (lower by 25%), a PAT of Rs.19.45 crores (lower by 59%) and has declared a dividend of Rs.2/- per share for the FY 2008-09 (previous year Rs.5/- per share). [www.hvtransmissions.com]