Ashok Leyland may dilute 15% stake in Switch Mobility, raise up to $250 mn

The company is raising the funds for a new plant planned in Spain

Ashok Leyland’s electric vehicle arm Switch Mobility is in talks with financial investors to raise $200-250 million and is open to diluting up to 15 per cent stake in Switch Mobility, Dheeraj Hinduja, executive chairman of Ashok Leyland.

The company is looking to raise funds to meet the requirement for the next 2-3 years.

"Switch is mainly focused on development of new products for the UK, Europe and the Indian market. It has a good order book. The fund-raising plan was to see how we are able to introduce new products. We are also looking at a new plant in Spain. So,