Ashok Leyland said being the promoter of Switch Mobility Ltd, UK, it had an interest in the entity being acquired. The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length.
Commercial vehicles major Ashok Leyland on Tuesday said its subsidiary Switch Mobility has fully acquired electric vehicles maker 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 view of the same, Switch Mobility Automotive Ltd, India has become a step-down subsidiary of the company, it added.
Ashok Leyland said being the promoter of Switch Mobility Ltd, UK, it had an interest in the entity being acquired.
The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length, the company added.
Switch Mobility Automotive Ltd was incorporated to carry on the business of manufacture and sale of electric vehicles.
Hinduja group’s flagship Ashok Leyland makes trucks, buses, light vehicles and defence vehicles.
Source: PTI
