Ashok Leyland subsidiary obtains EV maker Switch Mobility Automotive, India
Commercial vehicles major Ashok Leyland has announced that its subsidiary Switch Mobility has completely procured electric vehicles manufacturer Switch Mobility Automotive Ltd, India.
"Switch Mobility Ltd, UK, a subsidiary of the company, acquired the complete shareholding in Switch Mobility Automotive Ltd, India on June 14, 2021," Ashok Leyland said in a regulatory filing.
Given 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 is obtained.
The investment in the equity shares of Switch Mobility Automotive Ltd is at arm's length, the company added.