Ashok Leyland has decided to create two new subsidiaries as part of its projects to strengthen green transport solutions. Ashok Leyland, through its subsidiary Switch Mobility, the UK-based producer of electric vehicles, has announced its plans for global expansion in India and plans to establish two subsidiaries, Ashok Leyland said in a regulatory filing on the stock exchanges.
“With a strong presence and proven expertise in the commercial vehicle market in India and the experience of operating a large number of successful electric vehicles in India and the UK, we see enormous opportunities for growth through Switch’s expansion into Indian and global markets, ”Ashok Said Leyland Chairman Dheeraj Hinduja.
The first unit – Switch Mobility Automotive – will continue the electric vehicle strategy in India and is part of its global entity. The second subsidiary – OHM Global Mobility – will focus on offering mobility as a service.
At 11:10 am, shares of Ashok Leyland were trading 6.1% higher at Rs 123.95 on BSE against a 0.8% rise in benchmarks.