EV subsidiary OHM soon to receive Ashok Leyland’s investment of Rs 300 crore
According to a statement from Ashok Leyland, the board of directors has authorised the purchase of Ohm Global Mobility (OHM) in its entirety from OHM International Mobility for a nominal sum of Rs 1 lakh.
OHM joins the firm as a full-fledged subsidiary with this action. Ashok Leyland would also contribute up to Rs 300 crore in equity to OHM in order to operationalize the business. Upon receiving the required clearances, all current E-MaaS (electric mobility-as-a-service) agreements will be transferred to OHM.
Executive Chairman Dheeraj G. Hinduja stated: "E-Maas is becoming more important in India, and we believe that now is the appropriate time for us to operationalize OHM India. Both the public and private sectors will use E-Maas as a strategy to increase
EV
uptake. The government is attempting to improve the E-Maas payment system, and it is also exploring a number of programs to increase EV use. Given this context, OHM will become significantly more relevant, and we are quite optimistic about its potential.E-MaaS has developed into an essential and significant component of the Indian commercial EV scene, according to Shenu Agarwal, MD and CEO of Ashok Leyland. We required a new firm for that since today a sizable portion of the EV Bus market, particularly State Transport Undertaking (STU) orders, are routed using the E-MaaS mechanism. The electric buses and light commercial vehicles will be provided by Switch India to OHM for deployment under the E-Maas contracts. OHM will grow to be a significant business in Ashok Leyland's EV portfolio.