Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Ashok Leyland Renames Optare Group Ltd as 'Switch Mobility' - Unveils Global Electric Vehicle plans

Posted On: 2020-11-27 05:27:20 (Time Zone: Arizona, USA)


Ashok Leyland Ltd, India's second largest commercial vehicle manufacturer and flagship company of the Hinduja Group, today announced that Optare Group Ltd ("Optare"), its majority-owned UK subsidiary, has been renamed Switch Mobility Ltd ("Switch") as part of its drive towards electrification and new mobility services.

Unveiling the new logo and name, Mr. Dheeraj Hinduja, Chairman of Ashok Leyland Limited, said: "Optare is adopting a new identity and logo as "Switch", which signals our strategic ambitions in Electric and Green Mobility. Towards this, Ashok Leyland is examining various options to bring the entire EV initiatives of Ashok Leyland under Switch Mobility Ltd.

"This strategy reflects the clear growth opportunities in the global LCV &Bus EV market, which is projected to grow at a Compounded Annual Growth Rate of more than 25% and to be worth in the region of USD 50bn by 2030. To capture part of that market, we are considering EV initiatives through Switch that could include financial participation and strategic tie-ups."

Switch will build on the success of Optare in the UK, where it is a leading player in electric buses with more than 150 of them currently operating successfully in its home market. Optare, the forerunner of Switch, was recently named OEM of the Year (Bus/Commercial Vehicle) at the prestigious 2020 EVIEs Awards. Following the successful delivery of 30 Electric Double Decker buses to Metroline in London, the company is currently fulfilling orders for operators including Tower Transit, London and First York. This will create a foundation for the expansion of Switch's operations in Europe and growth in India and other parts of the world.

Mr. Vipin Sondhi, Managing Director & CEO, Ashok Leyland Ltd, added: "Ashok Leyland is a pioneer in delivering innovative commercial vehicles and mobility solutions. With our proposed new structure, Switch will be positioned to become the potential global arm of Ashok Leyland focused on Electric Vehicles and Green Mobility Solutions.

"This proposed step will enable Ashok Leyland to focus on the development of new electric vehicle platforms through Switch including next-generation Buses, PODs and E-LCVs and swiftly scale up the EV business."

Dr. Andrew C. Palmer, Chairman of Optare plc, commented: "Optare plc has a well-deserved reputation for class-leading products and customer service. The reorganisation of the Optare group both allows us to continue to serve customers with the portfolio of products we have today, whilst positioning Switch Mobility Ltd at the forefront of the commercial EV space, which should benefit the entire organisation."

The above is subject to obtaining necessary statutory approvals.

Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.92.1 as compared to the previous close of Rs. 88.9. The total number of shares traded during the day was 3039796 in over 13144 trades.

The stock hit an intraday high of Rs. 92.9 and intraday low of 89.05. The net turnover during the day was Rs. 278874656.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

HDFC to sell 24.48% stake in Good Host for Rs. 232.81 crore

The Sandur Manganese & Iron Ores Limited commences Commercial Production of Phase I of 1 MTPA Iron and Steel Project

Aditya Birla Fashion and Retail Limited gets CCI nod for preferential issue to Flipkart

Sagar Cements Ltd board declares second interim dividend of Rs. 2

Strong Retail Demand: Indigo Paints IPO fully subscribed on Day 1

IndiGo transports over 2.1 Mn vaccine doses in 8 days across 16 locations

Agro Tech Foods Ltd Q3 FY2020-21 consolidated net profit at Rs. 8.14 crore

L&T Technology Services Ltd Q3FY21 consolidated net profit up QoQ to Rs. 186.1 crore

Confidence Petroleum India Ltd reports consolidated net profit of Rs. 20.35 crore in Q3FY21

Allsec Technologies Ltd posts Q3FY21 consolidated PAT of Rs. 8.87 crore

Sagar Cements Ltd Q3FY21 consolidated net profit at Rs. 49.67 crore

Bajaj Finserv Ltd posts Rs. 1289.96 crore consolidated PAT in Q3FY21

Oriental Aromatics Ltd Q3FY21 consolidated PAT up at Rs. 36.35 crore

Havells India Ltd board declares interim dividend of Rs. 3

Everest Industries Ltd Q3FY21 consolidated PAT slides QoQ to Rs. 5.38 crore

Tejas Networks Ltd Q3FY21 consolidated net profit at Rs. 9.23 crore

Havells India Ltd reports Rs. 350.14 crores consolidated PAT in Q3FY21

Indo Rama Synthetics India Ltd Q3FY21 consolidated net profit at Rs. 76.17 crore

Phillips Carbon Black Limited board declares interim dividend of Rs. 7

GMM Pfaudler Ltd Board approves 3rd interim dividend of Rs. 1

Laurus Labs Ltd completes acquisition of 72.55% in Richcore Lifesciences Pvt Ltd

Gulshan Polyols Ltd announces financial results for Q3FY21

HDFC Asset Management Company Ltd posts PAT of Rs. 369.26 crore in Q3FY21

VST Industries Ltd Q3FY21 PAT slips to Rs. 73.71 crore

Phillips Carbon Black Ltd posts Rs. 125.44 crores consolidated PAT in Q3 FY2020-21

GMM Pfaudler Ltd Q3FY21 consolidated PAT at Rs. 23.16 crore

Tanla partners with Microsoft to launch blockchain-enabled CPaaS platform, Wisely

Infosys Ltd launches Infosys Cortex

Sheetal Cool Products Limited receives approval certificate from Export Inspection Council

Quint Digital Media Ltd board approves 1:1 bonus issue

Bajaj Finance Ltd Q3FY21 consolidated net profit at Rs. 1145.98 crore

ACE develops Li-Ion Electric forklifts

CMI gets vendor approval from a prestigious Company

Sasken Technologies Ltd posts Rs. 33.90 crore consolidated PAT in Q3FY21

The Tinplate Company of India Ltd posts QoQ surge in PAT to Rs. 32.82 crore in Q3FY21

Udaipur Cement Works Ltd Q3FY21 net profit climbs to Rs. 15.55 crore

Quint Digital Media Ltd Q3FY21 PAT at Rs. 0.90 crore

LT Foods subsidiary acquires 30% stake in Leev, Netherlands

Radio City & Mid-day Award Top OTT Talent with the Second Edition of the Hitlist OTT Awards

Sterlite Technologies Ltd posts consolidated PAT of Rs. 86.64 crore in Q3FY21

The Federal Bank Ltd Q3FY21 consolidated PAT at Rs. 418.14 crore

Hindustan Zinc Ltd Q3FY21 net profit rises to Rs. 2200 crore

Cigniti signs up as a Medecision Liberation Strategic Partner

Karda Constructions reports strong turnaround in Q3 as construction activities resume post-lockdown

Newgen Software Technologies Ltd Q3FY21 consolidated PAT higher at Rs. 35.41 crore

Maruti Suzuki commences production and export of Jimny from India

Mindtree helps Aflac Simplify Claims Experience for Customers

Birla Precision Technologies Limited allots 84,31,703 Equity Shares at Rs. 5.93 to promoter

L&T Construction bags large contracts for its Power Transmission & Distribution Business in Bangladesh

AGEL commissions 150 MW Solar Power Plant at Kutchh, Gujarat, 3 months ahead of schedule



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020