ALL arm buys an EV making Co

Commercial vehicles major Ashok Leyland (ALL) on Tuesday said its subsidiary Switch Mobility has fully acquired electric vehicles (EV) 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.