Ashok Leyland Ltd through its subsidiary Switch Mobility Ltd, the U.K. based EV producer of Buses and Vans announced its global expansion plans into India and its plan to create two subsidiary companies. The first, Switch Mobility Automotive Ltd, is being formed to carry on the EV strategy in India, which forms part of its global entity. The second is OHM Global Mobility Private Ltd, which will focus on providing Mobility as a Service offering.
Switch Mobility Automotive Ltd brings together Ashok Leyland's capabilities both from Optare UK and Ashok Leyland's EV Division. OHM Global Mobility Private Ltd is a solutions company being piloted in India with ambitious plans to roll out Mobility as a Service (eMaaS) globally. Together, Switch and OHM will provide a net carbon zero emission solution to India's exciting trend towards EV urban buses and LCVs.
Commenting on the announcement, Mr. Dheeraj Hinduja, Chairman, Ashok Leyland and Switch Mobility Ltd, said, "Switch Mobility Automotive Ltd will help us fulfil our aspiration of zero carbon emission transportation. With a strong presence and proven expertise in the commercial vehicle market in India and the experience of operating a large number of electric vehicles successfully in India and the U.K, we see huge opportunities for growth through Switch's expansion in Indian and Global markets."
Mr. Vipin Sondhi, MD & CEO, Ashok Leyland Ltd commenting on the announcement, said, "Creating Switch Mobility Automotive Ltd India and OHM Global Mobility Private Ltd will give us the ability to drive the Sustainability agenda which Ashok Leyland is passionate about. It will combine our consumer centric approach with the expertise in technology that the new entities will bring to the table."
Commenting on OHM Global Mobility Private Ltd, Dr Andrew Palmer, Vice Chairman, Switch Mobility Ltd, said, "Through OHM Global Mobility Private Ltd, we believe we can accelerate the transition to net zero carbon mobility in buses and vans. OHM Global Mobility's pioneering offering is not only extremely comprehensive in India, but is also world-leading and will provide a robust model of business that can be leveraged by Switch in all its markets."
Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.116.75 as compared to the previous close of Rs. 112.5. The total number of shares traded during the day was 1750902 in over 11046 trades.
The stock hit an intraday high of Rs. 117.1 and intraday low of 112.45. The net turnover during the day was Rs. 202958148.