Ashok Leyland Board has approved the acquisition of 100 percent of Ohm Global Mobility (OHM) from OHM International Mobility for a nominal consideration of Rs 1 lakh.
With this move, OHM becomes a 100 percent subsidiary of the company.
Furthermore, Ashok Leyland will invest up to Rs 300 crore as equity into OHM to operationalize the company.
All existing E-MaaS (electric mobility-as-a-service) contracts will be transferred to OHM subject to necessary approvals.
Dheeraj G. Hinduja, Executive Chairman, mentioned: “E-Maas is gaining significance in India, and we feel that this is the right time for us to operationalize OHM India. E-Maas will be a strategy adopted by both the public sector and private sector to enhance EV penetration. The government is looking to strengthen the payment mechanism under E-Maas and there are several initiatives that the government is pursuing to enhance EV adoption. Given this backdrop, OHM will acquire significant importance and we are very positive on its prospects.”
Shenu Agarwal, MD and CEO, Ashok Leyland said, “E-MaaS has become an integral and important part of Indian commercial EV landscape. Today a significant part of the EV Bus market – especially State Transport Undertaking (STU) orders – are routed under the E-MaaS mechanism and we needed to have a separate company for that. Switch India will be supplying the EV buses and light commercial vehicles to OHM for it to deploy under the E-Maas contracts. OHM will become an important company in the EV portfolio of Ashok Leyland.”