Commercial vehicles maker Ashok Leyland on Friday said its board has approved transfering of its electric vehicles (EV) business to its step-down subsidiary Switch Mobility Automotive Ltd, India (SMAL) for Rs 240 crore on a slump sale basis.
Also, the board at its meeting held on Friday has approved the transfer of its eMaaS (e-mobility as a service) business for Rs 65 crore to Ohm Global Mobility Pvt Ltd, India, a step down subsidiary of Hinduja Automotive Ltd, UK, the promoter of the company, Ashok Leyland said in a regulatory filing.
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"The transfer of EV business to Switch India is being undertaken with an aim to integrate the capabilities of Ashok Leyland's EV business," the company said, adding it is expected to be completed by March 31, 2022.SMAL has been primarily formed to drive the EV business of the company, it added.
On the other hand, the transfer of eMaaS business to Ohm India is being done with an aim to integrate the capabilities of the company's eMaaS business, it said. Ohm India is formed to drive Ashok Leyland's eMaaS business, the company said.
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