By Ayushi Gupta
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Updated On: 07-Feb-2024 11:04 AM
Ashok Leyland invests Rs 662 crore in EV subsidiary Optare, demonstrating commitment to future growth and expansion plans.
Ashok Leyland, based in Chennai, had previously agreed to infuse Rs 1,200 crore of equity into its electric vehicle subsidiary, Optare. During the quarter ending December 2023 (Q3 FY24), the company made a substantial investment of Rs 662 crore.
The company’s management has indicated that the remaining funds will be invested in one or more stages over the next few months, demonstrating the company’s commitment to further supporting Optare’s growth and expansion plans.
Shenu Agarwal, MD & CEO of Ashok Leyland, stated, “Out of that Rs 1,200 crore, we have already invested Rs 662 crore during the quarter gone by, and the rest of the amount we will induct in the future in the next few months in either one or more tranches”.
Autocar Professional sent an email to find out which areas of operations these investments have been made in, but the company had yet to respond by the time of publication. The report will be updated if and when the company provides any information on this matter.
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