Ashok Leyland expands its presence in green transport solutions; stock jumps over 5 per cent
Ashok Leyland announced that it has charted global expansion plans in India through its subsidiary, Switch Mobility Ltd, the UK-based EV producer of buses & vans.
The company plans to create two subsidiaries. The first would be Switch Mobility Automotive Ltd to carry on the EV strategy in India, forming a part of its global entity while the second one would be OHM Global Mobility Private Ltd to have a focus on providing mobility as a service offering.
Switch Mobility Automotive Ltd will blend the capabilities of Ashok Leyland both from Optare UK and Ashok Leyland’s EV division. OHM Global Mobility Private Ltd has scripted ambitious plans to serve mobility-as-a-service (eMaaS) globally. Working together, Switch and OHM will focus on providing a net carbon zero-emission solution to exciting trend towards EV urban buses and LCVs in India.
Switch Mobility Automotive Limited has a strong presence and proven expertise in the commercial vehicle market in India. The company can sense huge opportunities for growth through Switch’s expansion in Indian and global markets.
Ashok Leyland is a company engaged in the manufacturing of commercial vehicles and related components. The company has operations in India, Sri Lanka, Bangladesh, Mauritius, the Middle East, and Africa.
Ashok Leyland’s share was trading at Rs 123.70 on Thursday, which is 5.95 per cent up on BSE.