Stay updated with breaking news from Switch Mobility. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Switch: The loan will be funded by internal accruals at the Hinduja Group's main company. At the end of March 2023, the company's cash and bank holdings were INR 501 crore.
Industry leaders from all over the country converged and discussed the latest technological advancements and the challenges faced by the automobile industry at the ETAuto Tech Summit held in Bengaluru, on June 21 and 22, 2023.
Though technology and softwarisation have the potential to be the future of the automobile industry, certain challenges stall their adoption and application, industry experts shared during the Day 1 of the 4th edition of ETAuto Tech Summit 2023 on Wednesday.
"The latest bus order we have bagged marks the largest order for PMI Electro," Satish Jain, chairman of PMI Electro Mobility, told ET. "The equity infusion will be utilised for funding operations of our SPV, expansion of our existing capacity, and research and development."
Ashok Leyland is set to sustain momentum after gaining 25% on bourses for three months due to market share growth. The CV maker, India’s second largest, expanded its operations in North and Central India, saw its market share rise in several segments and grew its outlet network. Ashok Leyland plans to gain 35% of its market share in the next two years, with improving volumes and growing profitability. Despite easing discounting pressure, the company may also unlock potential value from EV subsidiary Switch Mobility and Hinduja Leyland Finance.