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.