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.

Infrastructure Energy

14 Oct 2025

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..