Trucking News

EV Business of Ashok Leyland Transferred To Subsidiary Switch Mobility

TNI || New Delhi || 14th Nov 2021


Ashok Leyland, one of India’s major commercial vehicles maker, has said that its board members have approved transferring its electric vehicles business to its subsidiary Switch Mobility Automotive Limited for a sum of Rs. 240 crores.

100% Carbon Neutrality Targeted By DICV For Its Chennai Facility By 2025

The said deal is going to be on a slump sale basis. As per the regulatory filing, there is also an approval by the board to transfer Ashok Leyland’s eMaaS segment to Ohm Global Mobility P.Ltd. India, which is a step-down subsidiary of Hinduja Automotive Ltd., UK, for Rs. 65 crores.

The company further clarified that the transfer of EV business to Switch Mobility is done to integrate the capabilities of the commercial vehicles major’s EV expansion.

Co-Development of EV Fluids Announced By WAE & Castrol Under Their Strategic Partnership

The transfer is expected to be through by this financial year-end. As far as the eMaaS business to Ohm India is concerned, it is done to integrate the capabilities of the eMaaS segment.

We have updated news for you . Mesage uS fo truck related queries.