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Business News/ Companies / News/  Ashok Leyland to infuse 1,200 cr in Switch Mobility
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Ashok Leyland to infuse ₹1,200 cr in Switch Mobility

Switch Mobility has been looking to raise external funding from the private equity ecosystem for the last several quarters

 The Indian arm of Switch now has a fleet of over 800 operational buses and an order backlog of 1,200 more. Premium
The Indian arm of Switch now has a fleet of over 800 operational buses and an order backlog of 1,200 more.

Chennai-based commercial vehicle maker Ashok Leyland will invest 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.

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ABOUT THE AUTHOR
Alisha Sachdev
Alisha Sachdev is an assistant editor with Mint based in Delhi. She reports on the auto and mobility sector, with a special focus on emerging clean mobility technologies. She also focusses on developing multimedia properties for Mint and currently hosts the 'In A Minute' series and the Mint Primer podcast. Previously, she has worked with CNBC-TV18 and NDTV.
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
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Published: 09 Nov 2023, 09:04 PM IST
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