Ashok Leyland’s subsidiary Switch Mobility Ltd. of U.K. has acquired the entire shareholding in EV maker Switch Mobility Automotive Ltd. India (SMAL) on Monday, resulting in the latter becoming a step-down subsidiary of the company.
SMAL was incorporated in December last year with a paid up capital of ₹1 crore to manufacture and sell electric vehicles (EVs).
Being the promoter of Switch Mobility, ALL had an interest in the entity being acquired. The investment in the equity shares of SMAL is at arm’s length, ALL said in a filing.
