Ashok Leyland in talks with investors to raise funds for EV subsidiary Switch Mobility

Ashok Leyland in talks with investors to raise funds for EV subsidiary Switch Mobility

The Chennai-based trucks and bus manufacturer has hived off its electric vehicle division to better tap growth opportunities through onboarding of partners





November 15, 2021 / 01:45 PM IST





Hinduja Group flagship firm Ashok Leyland is in talks with strategic and financial investors to raise funds for Switch Mobility, the newly formed electric vehicle (EV) subsidiary of the company.

The Chennai-based trucks and bus manufacturer has hived off its electric vehicle division to better tap growth opportunities through onboarding of partners.

Talking to Moneycontrol,  Ashok Leyland whole-time director and chief financial officer Gopal Mahadevan said, “Yes, we will look at investors. Discussions are going on for strategic and financial investors.”

On November 13, the board of Ashok Leyland approved the transfer of the electric vehicle business to Switch Mobility Automotive for Rs 240 crore on a slump sale basis. The new company operates from its office in Leeds, the UK and Chennai in India.

Ashok Leyland wants funds for further development of its product portfolio and electric vehicle technology.

“The funds would be used for the development of new products and technology, for buses, electric LCV (light commercial vehicle) for global as well as for the domestic market. We will hear more on this soon,” Mahadevan said,

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