Ashok Leyland now owns 92.59% of the UK-based Optare Plc.

Ashok Leyland's ownership of Switch Mobility Ltd.'s parent firm, Optare Plc, a UK-based commercial vehicle manufacturer, increased from 92.59% to 92.59%. This comes after the business informed the exchanges on Tuesday that it had invested Rs 536.73 crore through equity shares in Optare in the second tranche.
Ashok Leyland declared in November of last year that it will use Optare Plc to invest Rs 1,200 crore in Switch Mobility, its electric vehicle division. It had made its first tranche investment of Rs 662.5 crore in December. The business announced on Tuesday that it had finished investing the second tranche.
We would like to notify you that the Company has made a second tranche equity share investment in Optare Plc. UK for a total of GBP 50679500 (roughly Rs 536.73 crore). The business's stake in Optare Plc. has increased from 92.19% to 92.59% as a result of the allocation made by the Board of Directors of Optare Plc.," the company stated in a regulatory statement on Tuesday.
Ashok Leyland received the shares as payment for the investment on February 12.
Hinduja Automotive Ltd., the company that promotes Ashok Leyland, also owns 6.9% of Optare Plc.

According to the business, Rs 1,200 crore will be allocated towards capital investment, research and development, and fulfilling the operational needs of Switch Mobility and Optare Plc in both India and the UK.
Commercial vehicle production and sales are the activities of Optare Plc. It serves as the parent company for the business's electric vehicle projects, which include Switch Mobility Automotive Limited and Switch Mobility Limited, UK.
Ashok Leyland's stock was trading unchanged on the BSE on Tuesday morning at Rs 171.45 a share.