The Hinduja Group wants to raise $200 million for Ashok Leyland’s electric vehicle unit.

As per sources, Ashok Leyland Ltd., the Hinduja Group’s commercial vehicle manufacturer, is considering proposals to raise about $200 million for OHM Global Mobility Pvt, its electric mobility services division. 

To gauge investor interest, including from international private equity groups, the company is collaborating with an adviser. According to reports, OHM might be worth between $800 million and $1 billion in the proposed investment round, however talks are still underway and could alter. Should value expectations not be fulfilled, the Hinduja family may decide to take a different approach. 

OHM Mobility and Ashok Leyland representatives choose not to comment on the situation. 

Customers can deploy EV fleets without having to pay for them up front thanks to OHM’s pay-per-use business model for operating electric buses and other commercial electric vehicles. As part of its services, the business also oversees auto maintenance. 

In a prior earnings call, CEO Shenu Agarwal stated that the Hinduja Group has already invested ₹3 billion, or roughly $33 million, in OHM and intends to invest an additional ₹3 billion to maintain operations through March. OHM operated more than 850 buses at the time, with the goal of growing to over 2,500 buses in a year. 

Source – The Economic Times