Comments
Commercial vehicles major Ashok Leyland on Tuesday said its subsidiary Switch Mobility has fully acquired electric vehicles maker Switch Mobility Automotive Ltd, India.
“Switch Mobility Ltd, UK, a subsidiary of the company, acquired the entire shareholding in Switch Mobility Automotive Ltd, India on June 14, 2021,” Ashok Leyland said in a regulatory filing.
In view of the same, Switch Mobility Automotive Ltd, India has become a step-down subsidiary of the company, it added.
Also read: Auto sales skid across segments
Ashok Leyland said being the promoter of Switch Mobility Ltd, UK, it had an interest in the entity being acquired.
The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length, the company added.
Switch Mobility Automotive Ltd was incorporated to carry on the business of manufacture and sale of electric vehicles.
Hinduja group’s flagship Ashok Leyland makes trucks, buses, light vehicles and defence vehicles.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.