Ashok Leyland looking for investors for EV biz
Hinduja Group flagship plans to roll out CNG-fitted commercial vehicles during the later part of this financial year
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Chennai: Hinduja Group flagship Ashok Leyland is looking for investors both strategic and financial for its electric vehicle arm Switch Mobility as the electric vehicle initiative was going to be crucial to the commercial vehicle-manufacturer, according to a top company official.
The city-based company plans to roll out CNG-fitted commercial vehicles during the later part of this financial year, the chief financial officer and whole- time director of the company, Gopal Mahadevan said.
"On Switch Mobility, discussions are going on. We are looking for right partners. We want to have the right investors both strategic and financial, because this is a very important initiative from Ashok Leyland," he told reporters.
Ashok Leyland CEO and MD Vipin Sondhi said the electric vehicle initiative was going to be very, very crucial for the company and "we just want to be sure that we are getting the right financial and strategic partners."
The board of Ashok Leyland recently approved the transfer of electric vehicles business into the subsidiary Switch Mobility Automotive Ltd.
"Electric vehicles are here to stay and grow and they would be opted for future mobility which is why we have said Ashok Leyland will have a separate arm called Switch Mobility," Sondhi said.
"We are looking at investors into Switch (Mobility) for further development of new products, technologies, e-LCVs (light commercial vehicles) not only for Indian market but also for the global market," he said.
To a query on the plans to roll out CNG-fitted commercial vehicles, Sondhi said the company would initially focus on ICVs (intermediate commercial vehicles) and later extend it into the light commercial vehicles segment.
"Firstly, the focus is on the ICV range. The government is encouraging CNG, we will take that forward from here. You will see us with product launches in CNG in later part of the year. I think we can do better there (ICV segment), we have done better (in the past) and we will do better (in the future)," he said.
