BY A STAFF REPORTE
--Ashok Leyland: Dana to supply e-drivetrain components to co's arm
--Dana to invest $18 mln in co's arm Switch Mobility
Dana Incorporated will invest $18 mln in Ashok Leyland Ltd's subsidiary Switch Mobility Ltd for around 1% stake in the electrified commercial vehicles company.
Under the terms of the agreement, Dana Incorporated will make a strategic investment in Switch Mobility and will also be a preferred supplier of electric drivetrain components for the company's e-bus and electric vehicles commercial vehicle offering, including e-Axles, gearboxes, motors, inverters, software and controls, and electronics cooling, Ashok Leyland said in a regulatory filing.
"With this agreement Dana not only becomes an important supplier to Switch but will also invest $18 mln in the company, representing an approximate 1% stake," Switch Mobility Chairman Dheeraj Hinduja said.
Switch Mobility combines the electrical commercial vehicle operations of Ashok Leyland in India and Optare in the UK to secure a leading global position in net zero carbon buses and light commercial vehicles.
Source : Eureka
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