Ashok Leyland acquires OHM Global Mobility, earmarks Rs 300cr for E-MaaS expansion

In a strategic move signaling its commitment to the electric mobility-as-a-service (E-MaaS) sector, Ashok Leyland, a prominent player under the umbrella of the Hinduja Group, confirmed its acquisition of Ohm Global Mobility Private Ltd (OHM). The acquisition, executed for a symbolic sum of Rs 1 lakh, is attributed to OHM’s non-operational status. This development positions OHM as a fully owned subsidiary of Ashok Leyland.

Investment and Operationalization Plans:

Ashok Leyland is not just stopping at the acquisition. Demonstrating its aggressive approach, the company has publicized an equity investment of up to INR 300 Cr to breathe life into OHM’s operations. In line with this, all existing E-MaaS contracts will seamlessly transition to OHM, subject to the green light from the necessary regulatory bodies. Additionally, to secure upcoming orders, Ashok Leyland stands ready to issue guarantees or comfort letters, contingent on the requisite approvals.

Leadership’s Vision for E-MaaS in India:

Dheeraj G. Hinduja, holding the reins as the Executive Chairman, emphasized the growing prominence of E-MaaS in the Indian market. Pointing to its increased adoption by both public and private sectors, he highlighted the government’s endeavors to fortify the E-MaaS payment mechanism and amplify electric vehicle (EV) adoption. Against this backdrop, Hinduja expressed strong optimism about OHM’s future role and trajectory.

Echoing these sentiments, Shenu Agarwal, at the helm as the Managing Director & CEO of Ashok Leyland, underlined E-MaaS’s pivotal role in shaping India‘s commercial EV landscape. He further elaborated on the vision wherein Switch India will supply EV Buses and Light Commercial Vehicles to OHM, with the latter overseeing their deployment under E-MaaS contracts. This, Agarwal believes, will cement OHM’s standing in Ashok Leyland’s EV portfolio.