Ashok Leyland has received approval from its board to transfer its electric vehicles (EV) business to its step-down subsidiary Switch Mobility Automotive, India (SMAL) for Rs 240 crore on a slump sale basis. Also, the board has approved the transfer of its eMaaS (e-mobility as a service) business for Rs 65 crore to Ohm Global Mobility, India, a step down subsidiary of Hinduja Automotive, UK, the promoter of the company.
SMAL has been primarily formed to drive the EV business of the company. On the other hand, the transfer of eMaaS business to Ohm India is being done with an aim to integrate the capabilities of the company's eMaaS business.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
