Ashok Leyland in talks to raise $200 mn-$300 mn for EV arm Switch Mobility

The company said it is in talks with investors for both Switch and e-mobility as a service. Last July, US-based drivetrain-maker Dana had bought 1% stake in Switch for $18 mn

Commercial vehicle (CV) major Ashok Leyland said on Monday that it is planning to raise around $200-300 million to fund the expansion and technology investments in its electric vehicle arm Switch Mobility.

"Electric Vehicle business is new for everyone. A lot of investment in technology is needed. We are looking to raise initially around $200-300 million and after that, if we need to do a follow-up, we will do that," said Gopal Mahadevan, chief financial officer and whole-time director, Ashok Leyland. The company said it is in active discussions with investors for both Switch and for e-mobility as a service.