Switch Mobility dilution now will depend much on valuation: Dheeraj Hinduja

In a Q&A, the executive chairman of Ashok Leyland says the firm will be diluting 10-15% in Switch Mobility to raise $200-250 mn

Shine Jacob | Chennai
Last Updated at November 13, 2022 23:37 IST

Ashok Leyland Chairman Dheeraj Hinduja

Ashok Leyland, the flagship company of the Hinduja Group and commercial vehicle major, is looking to expand its presence in the electric vehicle segment. Dheeraj Hinduja, executive chairman of the company, talks to Shine Jacob about the firm’s EV roadmap, preparation for BS VI phase-2 norms and status of its de-risking plans. Edited Excerpts:

1.Your electric vehicle arm Switch Mobility was looking to raise $200-250 million. What is the status?

Switch Mobility is mainly focussed now on developing new products for the UK, Europe and the Indian market. It has a good order book. The fund-raising plan was to help us introduce new products, and set up a new plant in Spain. This requirement of $200-250 million is for the next 2-3 years.

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