26/02/2024
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Ashok Leyland is in talks to raise money for e-mobility service arm Ohm with EV subsidiary Switch

Summary

ย ย ET will learn that the company is looking to raise anywhere between $ 50-100 million and negotiations are in the final stages, even if the company does not commit to fund raising for Om.

ย ย Ashok Leyland said on Monday it is in active discussion with investors to raise money for not only its Electric Vehicles (EV) arm switch mobility, but also for its new e-mobility-as-a-service (e-mass) unit Om Global Mobility.ย ย 

  ET will learn that the company is looking to raise anywhere between $ 50-100 million and negotiations are in the final stages, even if the company does not commit to fund raising for Om.

  Switch Mobility is in talks with investors to raise up to $ 200 million as an alternative and is in the final stages of closing the deal.

ย ย “We’re in active argumentation with investors for beleaguerment in Switch and for the-mobility-as-a-service business,”Gopal Mahadevan, Director and Chief Financial Officer of Ashok Leyland spoke at a press assembly.ย 

“We’re aggressively acting to come one of the topmost two stabs for CECIL’s 5500 motorcars. Over the next two years, we need to look at at least 2000 buses.

Ashok Leyland Ennore plant

ย ย Om’s services are especially important in India, where companies have to provide electric buses in the form of op-extras (operating costs) to STUs to obtain subsidies under the government’s flagship EV promotion scheme, FAME.

  Other electric bus manufacturers, such as Optra, already own a group of companies to supply their electric buses to STUs in an op-X model.

  Apart from STUs, Om also serves other commercial vehicle fleet operators and offers vehicle subscription, battery-service and other value-added fleet management services, according to its website.

  As an eMaaS player, Om needs money to get the mass of electric vehicles that his customers can provide.

ย ย Switch Mobility, an electric vehicle arm of Ashok Leyland, received orders for 40 electric buses from Chandigarh and 300 electric buses from Bangalore Metropolitan Transport Corporation in the December quarter, the company said in a statement on Monday.ย  These orders need to be met on an op-X basis.

Ashok Leyland Chairman Dheeraj Hinduja

ย ย ET reported last month in an exclusive interview with Ashok Leyland Chairman Dheeraj Hinduja that the company is in advanced discussions with multiple investors to raise about $ 200 million for its Electric Vehicles (EV) switch mobility.ย  Om is a component of the switch.

  The UK-headquartered company is worth $ 1.6 billion after selling a small strategic stake to automaker Dana in July last year.

ย ย Shares of Ashok Leyland traded down 6.84% at Rs 123.85 on BSE on Monday, compared to a 3% decline in the Sensex.ย  The script has lost 5% in the last one year.

sources Ashok Leyland

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