Ashok Leyland to acquire OHM India as part of EV plan, to invest Rs 300 cr

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Hinduja group flagship firm Ashok Leyland on Monday said it will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd and will invest Rs 300 crore into the acquired entity.

OHM Global Mobility Pvt Ltd (OHM India) is a wholly-owned subsidiary of OHM International Mobility Ltd UK (OHM UK) and the promoter, Hinduja Automotive Ltd, directly holds 20 per cent and indirectly through other subsidiaries holds 43.23 per cent in OHM UK, Ashok Leyland said in a regulatory filing.

The acquisition is a part of the company's EV strategy to engage in the business of eMaaS (e-Mobility as a Service). This would likely result in enhancing the operational efficiency and synergy, it added.

OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS.

"The company also proposes to infuse fresh equity or preference capital of up to Rs 300 crore in one or more tranches into OHM India for its business requirements," Ashok Leyland said.

OHM India has a paid-up share capital of Rs 1 lakh. The cost of acquisition is Rs 10 per share. The acquisition value is at par based on a valuation done by an independent valuer, the filing said.

OHM India was incorporated on March 8, 2021 in India to carry out the business of eMaaS. It is yet to commence operations, the company said.