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Ashok Leyland begins work on its new e-bus factory in Uttar Pradesh
Thehindubusinessline
·
1y ago
Medial
Ashok Leyland has started building a new commercial vehicle plant in Lucknow, Uttar Pradesh, with a focus on sustainable mobility. The greenfield facility, spread over 70 acres, will primarily manufacture electric buses but will also have the capability to produce other vehicles using alternate fuels. The plant will initially have a capacity to produce 2,500 electric buses per year and aims to expand it to 5,000 vehicles annually in the next decade. The facility is expected to create employment opportunities and contribute to the region's development.
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Hinduja Group eyes strategic investments in EVs, energy and banking in Uttar Pradesh
Economic Times
·
23d ago
Medial
Hinduja Group is exploring strategic investments in electric vehicles (EVs), renewable energy, and banking in Uttar Pradesh. During a high-level meeting, group companies like IndusInd Bank, Gulf Oil, and Ashok Leyland presented investment plans. Ashok Leyland is finalizing an EV bus facility, while Gulf Oil proposes a robust EV charging network. The initiative aligns with Uttar Pradesh's economic aspirations, including becoming a USD 1 trillion economy. IndusInd Bank and NXTDIGITAL emphasized expanding digital and financial services in the region.
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EV co Switch may raise external funds in FY25
Livemint
·
1y ago
Medial
Ashok Leyland's executive chairman, Dheeraj Hinduja, stated that the company will evaluate further investments in Switch Mobility, an electric bus maker in India and the UK, after injecting ₹1,200 crore. Hinduja also mentioned the possibility of external investments in Switch in the future, as the company's volumes and product range grow. The support of Ashok Leyland has increased investor confidence in Switch. The company aims to remain a leader in the bus segment and plans to launch a new light commercial vehicle in 2025.
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Order book for e-buses grows to over 20,000 even as industry awaits payment security mechanism
Thehindubusinessline
·
1y ago
Medial
The order book for electric buses has reached over 20,000, with more players expected to bid for e-bus tenders. However, there is a need for a payment security mechanism (PSM) to address doubts over the payment ability of state transport undertakings (STUs) and improve the risk profile of project developers. The establishment of a PSM would enhance the bankability of projects and attract new developers and investors. The Indian government's NEBP and PM-eBus Sewa schemes aim to deploy 50,000 and 10,000 e-buses, respectively, by 2030. Tata Motors and Ashok Leyland are working on implementing the PSM.
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Ashok Leyland invests ₹25 cr to buy 50% in TVS Trucks & Buses
Thehindubusinessline
·
1y ago
Medial
Ashok Leyland has acquired a 50% stake in TVS Trucks and Buses for ₹25 crore. TVS Trucks is an automotive dealership company in India. Through this investment, Ashok Leyland aims to enhance its automotive business. Following the allotment by the Board of Directors of TVS Trucks, Ashok Leyland's shareholding in the company stands at 49.9%, making it an associate company.
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Ashok Leyland appoints KM Balaji as chief financial officer
Money Control
·
1y ago
Medial
Commercial vehicle manufacturer Ashok Leyland has announced the appointment of KM Balaji as its Chief Financial Officer (CFO), effective from June 1, 2024. Balaji has been with Ashok Leyland for 31 years, serving as the Deputy CFO. Gopal Mahadevan, the current CFO, will transition to the role of Director of Strategic Finance and M&A. The move comes as Ashok Leyland reported a 16.73% increase in net profit to INR 933.69 crore for the fourth quarter of FY2023-24, driven by strong demand for its products in the light and medium commercial vehicle segments.
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Ashok Leyland invests further ₹537 cr in electric vehicle arm Switch Mobility
Thehindubusinessline
·
1y ago
Medial
Ashok Leyland has invested an additional ₹537 crore in Switch Mobility, its electric vehicle arm. The investment was made in Optare Plc, the holding company of Switch Mobility Ltd and Switch Mobility Automotive Ltd, through equity shares. Ashok Leyland's shareholding in Optare Plc has increased to 92.59%. Ashok Leyland had previously invested ₹662.5 crore in Optare Plc in December 2023. Optare Plc reported a total revenue of ₹230 crore in FY23.
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MBA graduate quits high-paying job to start tech solutions startup
Inshorts
·
7m ago
Medial
Akash Joshi, an MBA graduate hailing from the town of Devas in Madhya Pradesh, quit his high-paying corporate job at Kirloskar Brothers Limited to launch IMAST. The tech solutions startup offers SaaS and customer loyalty program solutions to large enterprises. Today, it works with Raymond, Ashok Leyland, and Fujifilm and is valued at ₹100 crore.
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Minus Zero Partners Truck Maker Ashok Leyland
Inc42
·
1y ago
Medial
Indian autonomous driving technology startup Minus Zero has partnered with vehicle manufacturer Ashok Leyland to develop and deploy autonomous trucking solutions. The collaboration aims to transform commercial trucking by integrating Minus Zero's autonomous driving platform with Ashok Leyland's fleet. Initially, the focus will be on applications in ports, factory operations, and corporate campuses. The partnership could potentially extend to offering joint product offerings in international markets. Minus Zero claims to be the first Indian startup to launch a fully autonomous vehicle with its in-house AI solution. However, Indian regulations do not currently allow licensing or legal operation of autonomous vehicles on public roads.
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Tata Motors signs pact with TN government to invest ₹9,000 crore in a manufacturing project
Thehindubusinessline
·
1y ago
Medial
India's Tata Motors has announced plans to invest INR90bn ($1.2bn) in a new vehicle manufacturing plant in Tamil Nadu. The development will be the company's second facility in the southern state. The factory will initially employ around 5,000 people and could produce more than 200,000 vehicles annually. There are reports the plant will focus on electric vehicle (EV) production. The new factory will not impact Tata's existing operations in Pune (Maharashtra) Lucknow (Uttar Pradesh), Jamshedpur (Jharkhand), Pantnagar (Uttaranchal) or Dharwad (Karnataka).
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We will not sacrifice profitability for market share: Shenu Agarwal, MD and CEO, Ashok Leyland
Money Control
·
9m ago
Medial
Ashok Leyland, the second largest commercial vehicle maker in India and fourth largest globally, is known for its innovation. Shenu Agarwal, the company's leader, believes that the recent slowdown in the industry is just a temporary setback. With a rich history spanning 75 years, Ashok Leyland is part of the Hinduja group and continues to make strides in the corporate sector, particularly in the automobile industry.
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