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Ashok Leyland's EV arm aims for IPO after 2025, CEO says

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Ashok Leyland's EV arm aims for IPO after 2025, CEO says

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Ashok Leyland is all set to get aggressive in the electric commercial vehicle space. The company recently launched its electric bus platform ‘Switch EiV 12’ for the Indian market.

Ashok Leyland is all set to get aggressive in the electric commercial vehicle space.
The company recently launched its electric bus platform ‘Switch EV 12’ for the Indian market.
With this launch the company aims to serve inter-city, intra-city, staff transportation and school segment.
Speaking to CNBC-TV18, Mahesh Babu, CEO of Switch India, said the company has 600 EV 12 orders.
“We have displayed two vehicles in the EV 12 platform – the low floor and the standard floor vehicle. We have about 600 orders in this platform. The platform has been developed based on 50 million kilometres of electric mobility across the globe with our 300 buses. Using these 50 million kilometres of mobility, we have tuned our software and we have got about 12 percent efficiency in our operations just by studying the regeneration braking and all that. So I believe Switch EV 12 is a global platform. It will also have applications in India with cutting edge technology.”
He said the company may explore the IPO option post 2025.
“The group at Ashok Leyland has already invested substantially in the business and the intention is to bring in other investors as well. We are looking for about $300 million in investment to develop new products and also to expand our footprint in manufacturing in India. We are also close to finalising a few investors. Eventually, Switch will go public. After this round of investment we will have the first phase of growth and after 2025 we will have a new set of products which will be completely revolutionary. So the IPO will most probably be after 2025.”
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