Ashok Leyland Board gives go-ahead for Rs 1,200 investment in Switch Mobility
The Board of Directors of Ashok Leyland in their meeting have approved an investment of Rs 1,200 crore in Switch Mobility as equity through its holding company Optare UK.
The funds infused will be used for capital expenditure, R&D and meeting operational requirements both in UK and India. The investment will be infused over the next few months after necessary statutory approvals in one or more tranches.
Switch Group of Companies (Switch Mobility – UK and Switch Mobility Automotive – India) house the electric mobility initiative for Ashok Leyland, focusing on e-buses and e-LCVs. As on date Switch in India and UK has over 800 e-buses plying successfully and has an order book of over 1,200 buses.
