Monthly Update10 Nov 2023, 12:56 am
Ashok Leyland to invest Rs 1200 cr in Switch Infusion for expansion
AI Summary
Ashok Leyland has approved an investment of Rs 1200 cr in Switch Mobility as equity through its holding company Optare PLC UK to fund expansion of product portfolio, R&D, and operations. The funds will be used for capital expenditure, R&D, and meeting operational requirements in both UK and India.,
Key Highlights
- Ashok Leyland to invest Rs 1200 cr in Switch Infusion for expansion
- Funds to be used for capital expenditure, R&D, and meeting operational requirements in both UK and India
- Company has signed MOUs of over 13000 vehicles for its much-awaited e-LCVs
- Market for EVs is growing rapidly driven by the trend towards Carbon Neutrality
- Company expects e-LCVs to drive faster customer adoption in the coming year