Ashok Leyland to invest Rs 1,200 crore in Switch Mobility

TusharK · 10th November 2023, 17:40

Ashok Leyland has announced that its board has approved an investment of Rs 1,200 crore in Switch Mobility.

Ashok Leyland to invest Rs 1,200 crore in Switch Mobility-home_eiv12.jpg

Switch Mobility is a subsidiary of Ashok Leyland. The fresh investment will be used for capital expenditure, R&D and to meet operational requirements in the UK and India.

Dheeraj Hinduja, Executive Chairman, Ashok Leyland said, “The board of directors of Ashok Leyland at their meeting today (Thursday) approved an investment of Rs 1,200 crore in Switch Mobility as an equity through its holding company Optare PLC UK.”

Switch Mobility plans to launch its new E1 12-meter bus in 2024. It has been developed specifically for the European market.

“Electric vehicles, especially buses and light trucks, have a very bright future as governments and private customers are driving the green agenda. We are happy with the progress made by Switch, and will continue to invest on building its capabilities,” Hinduja added.

Link to Team-BHP News

10th November 2023, 17:40	#1
TusharK Senior - BHPian Join Date: Jul 2017 Location: Pune Posts: 6,500 Thanked: 57,464 Times	Ashok Leyland to invest Rs 1,200 crore in Switch Mobility Ashok Leyland has announced that its board has approved an investment of Rs 1,200 crore in Switch Mobility. Switch Mobility is a subsidiary of Ashok Leyland. The fresh investment will be used for capital expenditure, R&D and to meet operational requirements in the UK and India. Dheeraj Hinduja, Executive Chairman, Ashok Leyland said, “The board of directors of Ashok Leyland at their meeting today (Thursday) approved an investment of Rs 1,200 crore in Switch Mobility as an equity through its holding company Optare PLC UK.” Switch Mobility plans to launch its new E1 12-meter bus in 2024. It has been developed specifically for the European market. “Electric vehicles, especially buses and light trucks, have a very bright future as governments and private customers are driving the green agenda. We are happy with the progress made by Switch, and will continue to invest on building its capabilities,” Hinduja added. Link to Team-BHP News Last edited by TusharK : 10th November 2023 at 17:41.
	(6) Thanks