The JV will provide electric buses, battery and power management and other services
Ashok Leyland is in talks with foreign firms, including France’s Michelin and Japan’s Marubeni, to form a joint venture (JV) to offer e-mobility services. The JV will provide electric buses, battery and power management and other services, reports BusinessLine.
The idea is to create an e-mobility company that will offer its services to both public and private vehicle operators, the company’s Head of EV and e-Mobility, Karthick Atmanathan, told the paper.
“The idea is to do this (offer e-Mobility services) in a safe, predictable, and branded manner, so that it becomes sustainable and scaleable,” he said.
Atmanathan announced the JV at a conference on e-Mobility on September 14. The purpose of the JV is not to create profit, but to “initiate an eco-system that will be profitable," he stated.
SBICAP Ventures and other companies are also interested in joining the JV, Atmanathan said, adding that Ashok Leyland will acquire a minority stake in the company and the funds will come from various investors. Other investment details are still being worked out.
Ashok Leyland would not get into running of bus services, ticketing or booking freight, but will focus on core technology and asset management, Atmanathan told the paper.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
