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EV co Switch may raise external funds in FY25
Mint Mumbai
|February 07, 2024
Parent Ashok Leyland has committed to invest ₹1,200 cr in the company
Ashok Leyland will evaluate further investments in Switch Mobility, after a fund infusion of ₹1,200 crore in the maker of electric buses in India and the UK, even as it remains open to external investments in the company, Ashok Leyland’s executive chairman Dheeraj Hinduja said in an interview.
Ashok Leyland announced in November that it would invest ₹1,200 crore in Switch for capital expenditure, research and development, as well as operational requirements. It injected ₹662 crore in Switch in the December quarter, and will infuse the remainder in the last quarter. The fund infusion has bolstered Switch’s balance sheet, making it attractive to potential investors.
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