On Tuesday, commercial vehicle manufacturer Ashok Leyland announced that its subsidiary Switch Mobility has completed the acquisition of electric vehicle manufacturer Switch Mobility Automotive Ltd in India. "On June 14, 2021, a subsidiary of the firm, Switch Mobility Ltd, UK, acquired the whole interest in Switch Mobility Automotive Ltd, India," Ashok Leyland said in a regulatory statement.
As a result, Switch Mobility Automotive Ltd, India has been designated as a step-down subsidiary of the company, according to the statement.
As the promoter of Switch Mobility Ltd, UK, Ashok Leyland stated that the firm being bought was of interest to it.
Switch Mobility Automotive Ltd's equity shares are held at arm's length, according to the firm.
According to Switch Mobility Automotive Ltd, its stock shares are held at arm's length.
Ashok Leyland, the flagship company of the Hinduja group, manufactures trucks, buses, light vehicles, and defence vehicles.