Wednesday, 13 November 2024
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BusinessIndia

Ashok Leyland purchases OHM Global Mobility and makes an investment

  • Ashok Leyland has acquired a 100% share in OHM Global Mobility Pvt Ltd (OHM).
  • Ashok Leyland has a mere Rs 1 lakh, making it a wholly-owned subsidiary.
  • Shenu Agarwal, CEO, emphasized the necessity of purchasing the EV.

To house its upcoming E-MaaS company, Ashok Leyland purchased a 100% share in OHM Global Mobility Pvt Ltd (OHM) from OHM International Mobility Ltd.

E-MaaS, or “Electric Mobility as a Service,” combines cutting-edge technology and fresh business strategies to foster widespread EV adoption.

Ashok Leyland purchases OHM Global Mobility

OHM Global Mobility is now a wholly owned subsidiary of Ashok Leyland after the acquisition, which cost just Rs 1 lakh, was authorized by the board of the firm.

OHM Global Mobility would be operationalized with an equity investment from Ashok Leyland of up to Rs 300 crore. E-MaaS contracts that already exist will be migrated to OHM after receiving all applicable permissions.

E-MaaS, in the opinion of executive chairman Dheeraj G Hinduja, is becoming more significant in India, and OHM India should now begin operations.

Shenu Agarwal, managing director, and CEO, emphasized the necessity of the purchase by pointing out that a substantial portion of the EV bus market, particularly state transport undertaking orders, is routed using the E-MaaS mechanism.

OHM will get EV buses and light commercial vehicles from Switch India for use in E-MaaS contracts, elevating Ashok Leyland’s EV portfolio to include OHM.

At 12:29 a.m., Ashok Leyland stock was slightly up on the BSE, with shares having increased by 0.8% in the previous year.

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