Ashok Leyland announced on August 14, 2023 that it would fully acquire OHM Global Mobility Private Limited (OHM India) for a nominal consideration of INR 1 lakh. OHM India is a subsidiary of Hinduja Automotive UK, and it is a leading provider of electric buses and trucks in India.
Ashok Leyland said that the acquisition of OHM India would help it to accelerate its growth in the electric vehicle market. The company said that it would invest up to INR 300 crore in OHM India over the next few years, to expand its manufacturing capacity and develop new products.
The acquisition of OHM India is a significant move by Ashok Leyland, as it marks the company's entry into the electric bus and truck market. The company is already a major player in the commercial vehicle market, and the acquisition of OHM India will give it a strong foothold in the growing electric vehicle market.
The acquisition is also a sign of the growing importance of electric vehicles in India. The Indian government has set ambitious targets for the adoption of electric vehicles, and the acquisition of OHM India by Ashok Leyland is a sign that the commercial vehicle industry is taking the government's targets seriously.
It will be interesting to see how Ashok Leyland integrates OHM India into its operations. The company has a strong track record in the commercial vehicle market, but it is new to the electric vehicle market. The acquisition of OHM India will give Ashok Leyland the expertise and technology it needs to compete in the electric vehicle market, but it will also be a challenge to integrate the two companies.
Overall, the acquisition of OHM India by Ashok Leyland is a significant move that will help the company to accelerate its growth in the electric vehicle market. It is also a sign of the growing importance of electric vehicles in India. It will be interesting to see how Ashok Leyland integrates OHM India into its operations, and how the company performs in the electric vehicle market in the coming years.
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