Ashok Leyland has made an additional investment of ₹537 crore in its U.K. subsidiary Optare PLC.
The investment is primarily to meet the capital expenditure, R&D and operational requirements of Optare PLC. and Switch Mobility, both in U.K. and India, the commercial vehicle manufacturer said in a regulatory filing.
Consequent to the allotment, the shareholding of ALL in Optare has increased to 92.59% from 92.19% with Hinduja Automotive Ltd., the promoter, holding 6.90%.
Optare, which is into the manufacture and sales of commercial vehicles, had reported a consolidated revenue of ₹230 crore for FY23.
Earlier, ALL had announced that it would invest ₹1,200 crore in its electric vehicle arm Switch Mobility as equity through its holding company Optare PLC, in one or more tranches. On December 5, ALL had invested ₹663 crore.