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Ashok Leyland gets nod to invest Rs 1200 crore in Switch Mobility

10 Nov 2023 Evaluate

Ashok Leyland has received approval from Board of Directors for an investment of Rs 1200 crore in Switch Mobility as equity through its holding company Optare PLC UK. The funds infused will be used for capital expenditure, R&D and meeting operational requirements both in UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more tranches.

Switch Group of Companies (Switch Mobility - UK and Switch Mobility Automotive - India) house the Electric Mobility initiative of the CV major, Ashok Leyland, focusing on eBuses and e-LCVs. Over the last few years, Switch India has had major success in garnering orders from State Transport Undertakings. As on date Switch in India and UK has over 800 + buses plying successfully and has an order book of over 1200 buses. Switch India had a successful launch of India’s only Double Decker e-Bus last year.

In September 2023, Switch India launched its state-of-the-art e-LCVs. The company has signed MOUs of over 13000 vehicles for its much-awaited e-LCVs which it will start delivering from the fourth quarter of the current fiscal. The Board of Directors of Ashok Leyland in their meeting held on November 9, 2023 has approved the same. 

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.

Ashok Leyland Share Price

174.75 -1.90 (-1.08%)
17-Apr-2026 16:59 View Price Chart
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