Commercial vehicle maker Ashok Leyland Ltd on Thursday (November 9) said its board of directors has 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, R&D, 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, Ashok Leyland said in a regulatory filing
Switch Group of Companies (Switch Mobility Ltd - UK and Switch Mobility Automotive Ltd - India) house the electric mobility initiative of the CV major, Ashok Leyland, focusing on eBuses and e-LCVs.
Over the last few years, Switch India has had major success in garnering orders from state transport undertakings. As of date, Switch in India and the UK has over 800 + buses plying successfully and has an order book of over 1,200 buses, it said.
Switch India had a successful launch of India’s only Double Decker e-Bus last year. In September 2023, Switch India launched its state-of-the-art e-LCVs. The company has signed MoUs of over 13,000 vehicles for its much-awaited e-LCVs which it will start delivering from the fourth quarter of the current fiscal.
Shares of Ashok Leyland Ltd ended at ₹170.45, down by ₹3.10, or 1.79 percent on the BSE.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM