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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, the requirement of $200-250 million is for the next two to three years that they need. We are in discussion with investors. There is good interest in the company,” Hinduja said.
In July last year, US-based drivetrain-maker Dana had picked up 1 per cent stake in Switch for $18 million. “We won't be raising funds below what we have done for Dana. Around 10-15 per cent is what dilution will happen. It isn't going to affect the company in any way in terms of its product plans at this point of time,” Hinduja said.
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First Published: Fri, November 11 2022. 21:11 IST
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