Hinduja said to seek $200 million for Ashok Leyland’s electric mobility services unit

Ashok Leyland Ltd. is considering raising about $200 million for its electric mobility services unit, according to people familiar with the matter.

The commercial vehicle maker, part of the billionaire Hinduja family’s namesake conglomerate, is working with an adviser to gauge interest from potential investors, including global private equity firms, the people said, asking to not be identified because the information isn’t public. A funding round might value OHM Global Mobility Pvt at $800 million to $1 billion, they said.

Deliberations are ongoing and the Hinduja family may decide to not proceed if investor interest doesn’t meet its valuation expectations, the people said.


Representatives for Ashok Leyland and OHM Mobility declined to comment.

OHM provides electric buses and other commercial EVs to customers on pay‑per‑use contracts, enabling them to adopt electric fleets without upfront costs, while OHM also maintains the vehicles.

Hinduja has already invested 3 billion rupees ($33 million) in OHM and plans to inject another 3 billion to help fund its operations through March, Ashok Leyland Chief Executive Officer Shenu Agarwal said during an earnings call in August. “Beyond that, we are very open to looking at other fundraising options,” he said.

At that time, OHM operated over 850 buses and aimed to run more than 2,500 within 12 months, Agarwal said.