Commercial vehicles firm Ashok Leyland on Tuesday confirmed its subsidiary Switch Mobility has fully acquired electric vehicles manufacturer 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 stated in a regulatory filing.
In view of the same, Switch Mobility Automotive Ltd, India has developed a step-down subsidiary of the company, it added.
Ashok Leyland said being the promoter of Switch Mobility Ltd, UK, it had a curiosity in the entity being acquired.
The investment in the equity shares of Switch Mobility Automotive Ltd is at arm's length, the firm added.
Switch Mobility Automotive Ltd was integrated to carry on the business of manufacture and sale of electric vehicles.
Hinduja group's flagship Ashok Leyland manufacturers trucks, buses, light vehicles and defence vehicles.
