Ashok Leyland has invested a further ₹537 crore in its electric vehicle arm Switch Mobility.
A sum of ₹536.73 crore has been invested in Optare Plc, UK, which is the holding company of the EV businesses of the company viz., Switch Mobility Ltd, U.K. and Switch Mobility Automotive Ltd, by way of equity shares in the second tranche.
Consequent to the allotment, Ashok Leyland’s shareholding in Optare Plc has increased to 92.59 per cent from 92.19 per cent, according to a company statement.
In early December 2023, the company invested about ₹662.5 crore in Optare Plc. UK by way of equity shares in the first tranche.
The board approved the plan to invest Rs 1,200 crore in Switch Mobility as equity through its holding company Optare Plc. UK, in one or more tranches.
Optare Plc clocked a total revenue (on a consolidated basis) of ₹230 crore in FY23, as against ₹244 crore in FY22 and ₹292 crore in FY21.