Ashok Leyland has decided to form two new subsidiaries as part of its plans to strengthen green transport solutions. Ashok Leyland through its subsidiary Switch Mobility, the U.K. based EV producer of buses and vans announced its global expansion plans into India and its plan to create two subsidiary companies, Ashok Leyland said in a regulatory filing to 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 electric vehicles successfully in India and the UK, we see huge opportunities for growth through Switch's expansion in Indian and global markets," Ashok Leyland Chairman Dheeraj Hinduja said.
The first unit -- Switch Mobility Automotive -- will carry on the electric vehicle strategy in India and forms part of its global entity. The second subsidiary -- OHM Global Mobility -- will focus on providing mobility as a service offering.
At 11:10 am, the shares of Ashok Leyland were trading higher by 6.1 per cent at Rs 123.95 on the BSE as against a 0.8 per cent rise in the benchmark indices.
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