Ashok Leyland boosts Optare Plc stake with Rs 5.36 bn investment

16 Feb 2024 CW Team

Ashok Leyland's ownership stake in the UK-based commercial vehicle manufacturer Optare Plc, which serves as the parent company for Switch Mobility Ltd, has increased from 92.19% to 92.59%. This uptick follows the company's infusion of Rs 5.36 billion in the second tranche through equity shares in Optare, as disclosed.

In a regulatory filing, Ashok Leyland conveyed, "We wish to inform you that the Company had invested a sum of GBP 50,679,500 (approximately Rs 5.36 billion) in Optare Plc, UK, by way of equity shares in the second tranche. Following the allotment by the Board of Directors of Optare Plc, the shareholding of the company in Optare Plc has increased from 92.19% to 92.59%."

The shares were allotted to Ashok Leyland on February 12 in exchange for the investment. The promoter of Ashok Leyland, Hinduja Automotive Ltd, also holds a 6.9% stake in Optare Plc.

As part of its electric vehicle strategy, Ashok Leyland had previously announced a total investment of Rs 12 billion in Switch Mobility through Optare Plc. The recent tranche of Rs 5.36 billion will contribute to capital expenditure, research and development, and meeting operational requirements for Optare Plc and Switch Mobility, both in the UK and India.

Optare Plc is actively engaged in the manufacturing and sale of commercial vehicles, serving as the holding company for various electric vehicle initiatives, including Switch Mobility Limited in the UK and Switch Mobility Automotive Limited.

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