New Delhi: Ashok Leyland, a commercial vehicle manufacturer, announced on Tuesday that its subsidiary Switch Mobility has fully acquired Switch Mobility Automotive Ltd, India. ‘Switch Mobility Ltd, UK, a subsidiary of the company, acquired the entire shareholding in Switch Mobility Automotive Ltd, India on June 14, 2021,’ Ashok Leyland said in a regulatory filing.
In light of this, Switch Mobility Automotive Ltd, India has been designated as the company’s step-down subsidiary. As the promoter of Switch Mobility Ltd, UK, Ashok Leyland stated that the company had an interest in the entity being acquired.
The investment in Switch Mobility Automotive Ltd’s equity shares is at arm’s length, according to the company. Switch Mobility Automotive Ltd was formed to engage in the manufacture and sale of electric vehicles.
Ashok Leyland, the flagship company of the Hinduja Group, manufactures trucks, buses, light vehicles, and defense vehicles.
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