Ashok Leyland seeks SPAC merger for Switch Mobility
March 2, 2021
Ashok Leyland, the Indian-listed vehicle manufacturer controlled by the Hinduja Group, is working with bankers to merge Switch Mobility with a blank-check company in New York, Sky News reported. Switch Mobility (formerly Optare) could be valued at up to $2 billion in such a deal. The Hinduja Group is also said to be considering a private funding round for the maker of electric buses.