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Optare Plc. UK, (Buyer - Subsidiary of Ashok Leyland) has entered into a Share Purchase Agreement with Dana (Seller), for purchase of their 1.01% stake in Switch Mobility, UK (SML UK).
Post this acquisition, Optare Plc's shareholding in SML UK would increase from 98.56% to 99.57% and consequently, Optare Plc. UK along with Hinduja Automotive, UK, will hold 100% in SML UK.
The aforementioned order has been awarded to the company post normal tender process with standard business prudent norms, terms and conditions.
The total consider that would be received by Ashok Leyland is Rs 183.80 crore.
The buses have to be delivered during the period from June 2025 to December 2025.
Seperatelty, Ashok Leyland stated that its subsidiary Optare Plc. UK has entered into a share purchase agreement with Dana Ltd for purchase of their 1.01% stake in Switch Mobility Limited, UK (SML UK).
Post this acquisition, Optare Plc’s shareholding in SML UK would increase from 98.56% to 99.57% and consequently, Optare Plc. UK along with Hinduja Automotive Limited, UK, will hold 100% in SML UK.
Ashok Leyland is engaged in the manufacture and sale of a wide range of commercial vehicles. The company also manufactures engines for industrial and marine applications, forgings, and castings.
The company reported a 38.4% year-on-year rise in standalone net profit at Rs 1,245.87 crore for the quarter ended March 2025, compared to Rs 900.41 crore in the same period last year. Revenue from operations rose 5.68% to Rs 11,906.71 crore posted in the fourth quarter of FY25 as against Rs 11,266.66 crore posted in Q4 FY24.
The scrip shed 0.28% to currently trade at Rs 235.40 on the BSE.