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Switch Mobility, Ashok Leyland's electric vehicle division, has received an additional ₹537 crore in investment. In the second tranche, equity shares worth ₹536.73 crore were invested in Optare Plc, UK, the holding company of the company's electric vehicle (EV) companies, Switch Mobility Ltd, UK, and Switch Mobility Automotive Ltd.
Consequent to the allotment, Ashok Leyland’s shareholding in Optare Plc has increased to 92.59% from 92.19%, according to a company statement. In early December 2023, the company invested about ₹662.5 crore in Optare Plc. UK by way of equity shares in the first tranche.
The board approved the plan to invest ₹1,200 crore in Switch Mobility as equity through its holding company Optare Plc. UK, in one or more tranches. Optare Plc clocked a total revenue (on a consolidated basis) of ₹230 crore in FY23, as against ₹244 crore in FY22 and ₹292 crore in FY21.
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