Published On:February 14 2024
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Ashok Leyland Injects Additional ₹537 Crore into Electric Vehicle Division, Switch Mobility

Ashok Leyland Injects Additional ₹537 Crore into Electric Vehicle Division, Switch Mobility

In a strategic move to bolster its presence in the electric vehicle (EV) sector, Ashok Leyland has announced a significant investment in Optare Plc, the UK-based holding company of its EV businesses. This move reinforces the company's commitment to advancing its EV arm, particularly Switch Mobility Ltd and Switch Mobility Automotive Ltd.

The investment, totaling ₹536.73 crore, represents the second tranche of equity shares in Optare Plc. This brings Ashok Leyland's ownership in Optare Plc to 92.59%, up from 92.19% previously, as stated by the company.

This investment follows a previous infusion of ₹662.5 crore in early December 2023, constituting the first tranche of equity shares in Optare Plc. The board's approval of a ₹1,200 crore investment plan for Switch Mobility, to be executed through Optare Plc, underscores Ashok Leyland's commitment to expanding its presence in the EV market.

Optare Plc's financial performance, as per consolidated data, indicates a revenue of ₹230 crore in FY23, showing a slight decrease from ₹244 crore in FY22 and ₹292 crore in FY21. Despite this, the continued investment by Ashok Leyland reflects confidence in the long-term growth potential of its EV ventures.

This strategic investment underscores Ashok Leyland's dedication to fostering innovation and sustainability within the automotive industry while positioning itself as a leader in the rapidly evolving EV landscape.

HBL





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