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Mergers & Acquisitions

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Financial Services

Ashok Leyland has acquired e-MaaS company OHM

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By RACE Innovations Pvt Ltd - 3rd September 2023

OHM - now a subsidiary of Ashok Leyland's Switch Mobility

India – Ashok Leyland Ltd of Chennai, a Hinduja Group announced that its board has approved the 100% acquisition of Ohm Global Mobility Pvt Ltd (OHM)¹ of Chennai (which filed for insolvvency in 2022) for a nominal consideration of USD1,200. OHM becomes a wholly-owned subsidiary of Ashok Leyland and Switch Mobility.

Ashok Leyland added it would be investing up to USD36.5m into OHM and transferring all existing e-MaaS contracts with the purchase. Any guarantees or comfort letters necessary to secure future orders will be provided by Ashok Leyland.

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