Ashok Leyland to Invest Rs 1200 Crore in Switch Infra to Expand Product Portfolio, R&D, and Operations
R&D Expenditure
The Board of Directors of Ashok Leyland in their meeting held today, have approved an investment of Rs 1200 cr 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.
Ashok Leyland EV Buses
Switch Group of Companies (Switch Mobility Ltd – UK and Switch Mobility Automotive Ltd 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.
LCVs Order
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.
State Bank Of India Acquisition of 20% stake in SBI Pension Funds
