Ashok Leyland subsidiary acquires Switch Mobility Automotive
POWER & RENEWABLE ENERGY

Ashok Leyland subsidiary acquires Switch Mobility Automotive

Commercial vehicles major Ashok Leyland (ALL) told the media that its subsidiary Switch Mobility of the United Kingdom has fully acquired electric vehicle maker -- Switch Mobility Automotive, India.

The company's subsidiary Switch Mobility of UK has acquired the entire shareholding in Switch Mobility Automotive, India on June 14, said ALL in a regulatory filing.

Following the acquisition, the company said that India's Switch Mobility Automotive has become a step-down subsidiary of the company.

It further added that being the promoter of Switch Mobility, the UK- based producer of electric buses and vans, it had an interest in the entity being acquired. The investment Switch Mobility Automotive equity shares were at arm’s length. Switch Mobility Automotive was incorporated for the business of manufacturing and selling electric vehicles.

In April this year, ALL had announced that it was planning a global expansion of its EV business into India by creating a subsidiary company called Switch Mobility Automotive through its subsidiary Switch Mobility.

Image Source


Also read: Ashok Leyland reduces production amid second wave of Covid-19

Also read: Switch Mobility partners with TVS SCS for logistics chain in India

Commercial vehicles major Ashok Leyland (ALL) told the media that its subsidiary Switch Mobility of the United Kingdom has fully acquired electric vehicle maker -- Switch Mobility Automotive, India. The company's subsidiary Switch Mobility of UK has acquired the entire shareholding in Switch Mobility Automotive, India on June 14, said ALL in a regulatory filing. Following the acquisition, the company said that India's Switch Mobility Automotive has become a step-down subsidiary of the company. It further added that being the promoter of Switch Mobility, the UK- based producer of electric buses and vans, it had an interest in the entity being acquired. The investment Switch Mobility Automotive equity shares were at arm’s length. Switch Mobility Automotive was incorporated for the business of manufacturing and selling electric vehicles. In April this year, ALL had announced that it was planning a global expansion of its EV business into India by creating a subsidiary company called Switch Mobility Automotive through its subsidiary Switch Mobility. Image Source Also read: Ashok Leyland reduces production amid second wave of Covid-19 Also read: Switch Mobility partners with TVS SCS for logistics chain in India

Next Story
Infrastructure Urban

Goa Approves Rs 1.92 Billion Mapusa Bus Stand Project

The Goa state government has announced plans to construct a new, modern bus stand in Mapusa, addressing a long-standing demand from Bardez residents. The project, to be executed under a public-private partnership (PPP) model, will involve an investment of approximately Rs 1.92 billion.The decision comes after reports highlighted the deteriorating condition of the existing bus stand, which suffers from potholes, garbage accumulation and waterlogging during the monsoon.The new bus stand will be developed over an area exceeding 27,000 square metres and will offer significant improvements, includi..

Next Story
Infrastructure Transport

Maharashtra Approves Rs 23.49 Billion Metro Line 11 Project

The Maharashtra government has approved the Rs 23.49 billion Metro Line 11 (Green Line) project, which will link Wadala to the Gateway of India through 14 stations, aiming to reduce congestion in central and south Mumbai. According to a resolution from the state’s urban development department (UDD), the Brihanmumbai Municipal Corporation (BMC) will contribute Rs 2.41 billion and the Mumbai Port Authority (MbPA) Rs 804 million, as the line improves connectivity in their areas. The state and central governments will each provide Rs 3.14 billion.In case of cost overruns, local authorities are r..

Next Story
Infrastructure Transport

Mumbai’s CSMT Metro Station Nears Completion on Aqua Line

The construction of the Chhatrapati Shivaji Maharaj Terminus (CSMT) Metro station on the Mumbai Metro-3 Aqua Line is nearing completion. Photos shared by X user @haldilal reveal the station’s striking arched entrance, glasswork and modern façade.Known as the Aqua Line, Metro 3 is Mumbai’s first fully underground corridor. It spans 33.5 km between Cuffe Parade (Colaba) and Aarey, with 27 stations — 26 underground and one at grade.The Three Phases of Metro-3Phase 1 – Aarey to Bandra-Kurla Complex (BKC): The 12.69 km section opened to the public on 7 October 2024.Phase 2A – BKC to Worl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?