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.
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.
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.