Ashok Leyland to infuse ₹1,200 cr in Switch Mobility
₹1,200 crore in its electric mobility subsidiary Switch Mobility, a move expected to fortify its electric mobility endeavors. The investment, approved during Thursday's board meeting, will flow through the holding company Optare PLC UK and will be allocated to propel the expansion of product offerings, research and development activities, and operational enhancements across both the UK and India, the company said in a statement.
The infusion is scheduled to unfold in multiple phases over the coming months, contingent upon securing necessary statutory clearances. Switch Mobility has been looking to raise external funding from the private equity ecosystem for the last several quarters, but the plans have been running into delays.
Switch Mobility, encompassing Switch Mobility Ltd (UK) and Switch Mobility Automotive Ltd (India), is Ashok Leyland's foray into electric buses and light commercial vehicles. The Indian arm of Switch now has a fleet of over 800 operational buses and an order backlog of 1,200 more.
Notably, the company unveiled India's sole Double Decker e-Bus last year, and in September 2023, it introduced cutting-edge e-LCVs, securing agreements for over 13,000 units. The first deliveries of these e-LCVs are slated for the fourth quarter of the current fiscal year.Milestone Alert!
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