Ashok Leyland (ALL) on Tuesday said its subsidiary Switch Mobility of UK has fully acquired electric vehicle maker Switch Mobility Automotive, India. “Switch Mobility, the UK, a subsidiary of the company, acquired the entire shareholding in Switch Mobility Automotive, India on June 14, 2021,” ALL said in a regulatory filing.
Following the acquisition, ALL said Switch Mobility Automotive, India, has become a step-down subsidiary of the company. It further said being the promoter of Switch Mobility, UK, it had an interest in the entity being acquired. The investment in the equity shares of Switch Mobility Automotive was at arm’s length, the company added. Switch Mobility Automotive was incorporated to carry on the business of manufacture and selling electric vehicles.
ALL, in April this year, had announced that through its subsidiary Switch Mobility, the UK- based producer of electric buses and vans, it was planning a global expansion of its EV business into India, by creating a subsidiary company called Switch Mobility Automotive.
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