Ashok Leyland, the Indian flagship of the Hinduja Group, said on Monday its board has approved the complete acquisition of Ohm Global Mobility Private (OHM) from OHM International Mobility for a nominal consideration of Rs 100,000.
Ashok Leyland said it will invest up to Rs 300 crore as equity in OHM for operationalising the company. E-MaaS (electric mobility as a service) contracts will be transferred to OHM subject after approvals.
As OHM is yet to become operational, the consideration was nominal. OHM will be a 100 per cent subsidiary and any guarantees or comfort letters to be furnished to secure future orders will be provided by Ashok Leyland.
