Ashok Leyland subsidiaries to offer EVs & mobility as service
By IANS |
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Ashok Leyland.. Image Source: IANS News
Chennai, April 8 : Commercial vehicles major Ashok Leyland Ltd. announced floating of two subsidiaries to make electric vehicles (EV) and the other to offer mobility as a service.
In a statement issued late Wednesday Ashok Leyland part of the Hinduja group said its UK based EV-maker Switch Mobility Ltd, making buses and vans, will float Switch Mobility Automotive Ltd. for electric automobiles.
Another subsidiary called OHM Global Mobility Private Ltd. would focus on providing mobility as a service.
Sitch Mobility Automotive Ltd. brings together Ashok Leyland s capabilities both from Optare UK and Ashok Leyland s EV Division, the statement said.
The domestic equities were trading with modest gains in early afternoon trade. The Nifty was trading above 14,900 mark. All the sectoral indices on the NSE were in the green.
At 12:20 IST, the barometer index, the S&P BSE Sensex, soared 271.91 points or 0.55% at 49,933.67. The Nifty 50 index gained 103.85 points or 0.70% at 14,922.90.
Investors risk appetite improved after the minutes of last month s meeting of the U.S. Federal Reserve suggested that Fed officials were united on the need to see more progress on economic recovery before scaling back their bond-buying program.
In the broader market, the S&P BSE Mid-Cap index added 0.98% while the S&P BSE Small-Cap index rose 1.09%.
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