Established in December 2020, Switch Mobility Automotive was formed in December 2020 and is engaged in the manufacture and sale of electric vehicles
Automaker Ashok Leyland has announced that its UK-based subsidiary Switch Mobility Ltd has completed the acquisition of electric vehicle manufacturer Switch Mobility Automotive Ltd.
“Switch Mobility Limited, UK, subsidiary of the company has acquired the entire shareholding in Switch Mobility Automotive Limited, India, on June 14, 2021,” Ashok Leyland said in a BSE filing on Tuesday.
In view of the same, Switch Mobility Automotive Limited, India has become its step-down subsidiary, the company added.
Established in December 2020, Switch Mobility Automotive was formed in December 2020 and is engaged in the manufacture and sale of electric vehicles.
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.
Hinduja group’s flagship Ashok Leyland had earlier announced that as part of its plans to strengthen green transport solutions, it will be forming two new units through Switch Mobility Ltd, of which Switch Mobility Automotive Ltd will be its first unit. It will be a part of its global entity and carry on the electric vehicle strategy in India.
