Ashok Leyland arm Switch Mobility to raise $300 mn, unveils e-bus platform

Firm currently has orders for over 600 buses, is betting big on govt tenders and sees market for e-buses growing 10x in next 2-3 years

Ashok Leyland’s electric vehicle arm Switch Mobility is in talks with financial investors to raise about $300 million--$200 million for capital expenditure needs and $100 million for Switch subsidiary Ohm Global Mobility, a top company executive said.

“We are looking to raise around $200 million for Switch, which will be used in improving products and capacity. In Ohm, the $100 million will be used to acquire new businesses,” said Mahesh Babu, Chief Operating Officer at Switch Mobility. Ohm Global Mobility looks into eMaaS (e-mobility as a service) and will look at the operational side, including maintenance, installation of charging points