Ashok Leyland has announced that the board has approved an investment of Rs 1,200 crore in its EV arm Switch Mobility for capital expenditure, R&D and meeting operational requirements in the UK as well as in India. The funds will be infused over the next few months after necessary statutory approvals in one or more tranches.
The board agreed to infuse in one or more tranches for UHM India to meet the business requirements of OHM India, Ashok Leyland said in its exchange filing.
The acquisition is a part of the company s EV strategy to engage in the business of eMaaS (e-Mobility as a Service). This would likely result in enhancing the operational efficiency and synergy, it added. OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS.
Ashok Leyland to invest ₹300 cr in OHM India to operationalise it for E-MaaS biz thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.