With USD10m in additional shareholder funds the company will focus on deployment of electric tarmac buses at Bengaluru international airport and development of a mid-mile heavy-duty EV truck platform.

Lumax Auto already supplies engine oil under the the 'Ultra' brand name.

World's biggest operator, valued at USD3bn, to enter India in 2024.

The two organisations aim to offer testing and certification services in the fields of Advanced Driver Systems (ADAS), Road-Load Data Acquisition (RLDA), and vehicle dynamics to OEMs, as well as to technology and component suppliers in the country.

The Satellite Technical Centre is to focus on end-to-end software, system engineering, electronics, and mechanical engineering, addressing core market trends in electrification, autonomous driving, and reinvention of interior equipment, notably lighting systems.

The order, valued at approximately USD 60.9 million, includes 50, Volvo 9600 luxury sleeper coaches and 500, Eicher Intercity 13.5m2 AC and non-AC sleeper coaches.

Tractor sales in the first quarter (April to June) of 2023-24 increased by 51.9% to register 14,479 units compared with 9,535 units in the same quarter of the previous year (FY 2022-23).

Sales of medium and heavy-duty rigid trucks (7.5t gvw and above) in India experienced a contraction of 10.4% in Q1 (April-June) of FY2023-24 to register 52,356 units, down from 58,443 units in same quarter of the year 2022-23.

Latent demand has boosted sales of buses and coaches (7.5t GVW and above) in India, amongst other reasons, with registrations up by 38.9% in the first quarter (April to June) of the financial year 2023-24 to register 10,939 units compared with 7,876 units in the same quarter of the previous financial year (FY2022-23).

Sales of light-duty buses and coaches (7.5t & below) rose by 24.6% to register 14,438 units in the first fiscal quarter (April to June) of 2023, up from 11,590 units in Q1 of FY2022.

Sales of light-duty trucks (goods carrier vehicles of GVW ≤ 7.5t) in the first quarter (April to June) of fiscal year 2023-24 decreased by 8.9% to 124,834 units, down from 137,044 units in same period of Q1/FY2022-23.

Shenu Agarwal, MD and CEO, Ashok Leyland, said: "We are immensely proud to have secured these orders from the Indian Army. The Defence business has been a strong pillar of growth for us, and this win further establishes our leadership in Defence mobility vehicles business."