Commercial vehicles major Ashok Leyland on Tuesday said its subsidiary Switch Mobility has fully acquired electric vehicles maker Switch Mobility Automotive Ltd, India.
“Switch Mobility Ltd, UK, a subsidiary of the company, acquired the entire shareholding in Switch Mobility Automotive Ltd, India on June 14, 2021,” Ashok Leyland said in a regulatory filing.
In view of the same, Switch Mobility Automotive Ltd, India has become a step-down subsidiary of the company, it added.
Ashok Leyland said being the promoter of Switch Mobility Ltd, UK, it had an interest in the entity being acquired. The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length, the company added.
Switch Mobility Automotive Ltd was incorporated to carry on the business of manufacture and sale of electric vehicles. Hinduja group’s flagship Ashok Leyland makes trucks, buses, light vehicles and defence vehicles.
Earlier in April, the auto major decided to form two new subsidiaries as part of its plans to strengthen green transport solutions. The company through its subsidiary Switch Mobility Ltd, the UK-based electric vehicle producer of buses and vans, announced the formation of two units,
The first unit — Switch Mobility Automotive Ltd — is being formed to carry on the electric vehicle strategy in India and forms part of its global entity.
The second subsidiary — OHM Global Mobility Pvt Ltd — will focus on providing mobility as a service offering, it said.
Switch Mobility Automotive Ltd brings together the company”s capabilities both from Optare UK and Ashok Leyland”s EV Division, it noted.
“Switch Mobility Automotive Ltd will help us fulfil our aspiration of zero carbon emission transportation.
“With a strong presence and proven expertise in the commercial vehicle market in India and the experience of operating a large number of electric vehicles successfully in India and the UK, we see huge opportunities for growth through Switch”s expansion in Indian and global markets,” Ashok Leyland Chairman Dheeraj Hinduja said.