Ashok Leyland’s board has approved the acquisition of 100 per cent of Ohm Global Mobility Private Ltd (OHM India) from OHM International Mobility Ltd UK (OHM UK) for a nominal consideration of ₹1 lakh. 

OHM India was incorporated on March 8, 2021, in India to carry out the business of E-MaaS  (electric mobility as a service). OHM India is yet to commence operations.

As the company is yet to become operational the consideration was nominal, according to a statement.

OHM India is a subsidiary of OHM International Mobility Ltd UK (OHM UK), in which Hinduja Automotive Ltd., directly holds 20 per cent and indirectly 43.23 per cent through other subsidiaries.

Ashok Leyland will acquire 10,000 equity shares of ₹10 each from OHM UK, thus making OHM India, a wholly-owned subsidiary of Ashok Leyland Ltd, which will be investing up to ₹300 crore as equity into OHM India to operationalise the company. In addition, existing E-MaaS (electric mobility as a service) contracts will be transferred to OHM India subject to necessary approvals.

“E-MaaS is gaining significance in India, and we feel that this is the right time for us to operationalise OHM India. E-Maas will be a strategy both the public and private sectors will adopt to enhance EV penetration. The government is looking to strengthen the payment mechanism under E-MaaS and there are several initiatives that the Government is pursuing to enhance EV adoption,” said Dheeraj G. Hinduja, Executive Chairman,

Any guarantees or comfort letters to be furnished to secure future orders will be provided by Ashok Leyland, subject to necessary approvals.

“E-MaaS has become a significant part of the electric bus market. State Transport Undertaking Orders are routed under the E-MaaS mechanism and we needed to have a separate company for that. Switch India will be supplying the electric Buses and electric light commercial vehicles to OHM for it to deploy under the E-MaaS contracts,” said Shenu Agarwal, Managing Director & CEO, Ashok Leyland.

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