Ashok Leyland plans to invest Rs 1,200 crore into Switch Mobility
The Board of Directors of Ashok Leyland in their meeting held on Thursday have approved an investment of Rs 1,200 crore in Switch Mobility as equity through its holding company Optare PLC UK. The funds infused will be used for capital expenditure, research and development, and meeting operational requirements both in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more tranches.
Switch Group of Companies (Switch Mobility Ltd – UK and Switch Mobility Automotive Ltd – India) house the Electric Mobility initiative of the commercial vehicle major, Ashok Leyland, focusing on e-Buses and e-LCVs. Over the last few years, Switch India has had major success in garnering orders from State Transport Undertakings.
