Ashok Leyland's UK subsidiary Optare Plc has acquired an additional 1.01% stake in Switch Mobility Limited UK from Dana Ltd, the Indian commercial vehicle manufacturer disclosed to stock exchanges on June 3, 2025.
The transaction increases Optare Plc's shareholding in Switch Mobility from 98.56% to 99.57%. Combined with Hinduja Automotive Limited UK's existing stake, the two entities now hold 100% ownership of the electric vehicle manufacturer.
The share purchase agreement was executed on June 3, 2025, at 10:36 PM IST, according to the regulatory filing made under SEBI's listing obligations and disclosure requirements.
Switch Mobility Limited operates as a manufacturer of electric buses and light commercial vehicles, focusing on zero-emission transport solutions. The company was established as part of Ashok Leyland's strategy to expand its presence in the electric vehicle segment.
Ashok Leyland, headquartered in Chennai, is one of India's commercial vehicle manufacturers and is part of the Hinduja Group. The company has been working to strengthen its electric vehicle portfolio as the transportation sector moves toward cleaner technologies.
The consolidation of ownership in Switch Mobility represents a continuation of Ashok Leyland's commitment to the electric vehicle market through its international subsidiaries. Dana Ltd, the selling entity, had maintained a minority stake in the UK-based electric vehicle manufacturer.
The disclosure was made simultaneously to both the National Stock Exchange of India and BSE Limited, where Ashok Leyland shares are traded under the codes ASHOKLEY and 500477 respectively.