Ashok Leyland Ltd is exploring plans to raise about US$200 million (mn) for its electric mobility services arm, OHM Global Mobility Pvt. (OHM). The commercial vehicle manufacturer has hired an adviser to assess interest from prospective investors, including global private equity firms. The discussions are at an early stage and the individuals familiar with the matter asked not to be identified. The potential funding round could value the unit at between US$800 mn and US$1 billion (bn). The Hinduja family could opt not to proceed with the fundraising if investor appetite falls short of its valuation expectations. There is no certainty that the group will complete a transaction. The move reflects a wider industry shift as vehicle makers seek external capital to accelerate electrification and expand services. Ashok Leyland, which is part of the Hinduja conglomerate, is positioning the mobility arm to capture growth in electric vehicle fleets and associated services. The adviser is expected to canvass interest from both strategic and financial buyers as it gauges the market. Valuation outcomes will depend on the unit's scale of operations, revenue trajectory and technology partnerships, and investors will evaluate unit economics and growth clarity. Any investment would be subject to due diligence and customary regulatory approvals, and deals could be structured as minority placements or larger strategic stakes. Company officials have not provided further details while the discussions remain confidential. Market watchers will monitor whether investor demand aligns with the group's expectations and if a formal process is launched. Proceeds from any investment are likely to be deployed to scale operations, deepen product development and support commercial rollouts of electric vehicle services, industry analysts say. The company will also prioritise partnerships to accelerate technology adoption. Any timetable for deployment remains contingent on final deal terms.