Ashok Leyland Ltd. — Capital/Financing Update 2021

Apr 7, 2021

April 7, 2021

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National Stock Exchange of India Ltd. BSE Limited Exchange Plaza Phiroze Jeejeebhoy Towers C-1, Block G, Bandra Kurla Complex Dalal Street Bandra (E), Mumbai - 400 051 Mumbai - 400 001 Scrip Code: ASHOKLEY Stock Symbol: 500477 Through: NEAPS Through: BSE Listing Centre

Dear Sirs/Madam,

Sub: Regulation 30 (Disclosure of events or information) - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Press Release

Please find attached a copy of the communication being released to the Press with Title ‘Ashok Leyland strengthens its footprint in green transport solutions through Switch Mobility Ltd’.

Yours faithfully, for ASHOK LEYLAND LIMITED

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N Ramanathan Company Secretary

Encl : a/a

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Ashok Leyland strengthens its footprint in green transport solutions through Switch Mobility Ltd

Names its Solutions Co as OHM Global Mobility Private Ltd

Chennai, April 07, 2021: Ashok Leyland Ltd through its subsidiary Switch Mobility Ltd, the U.K. based EV producer of Buses and Vans announced its global expansion plans into India and its plan to create two subsidiary companies. The first, Switch Mobility Automotive Ltd, is being formed to carry on the EV strategy in India, which forms part of its global entity. The second is OHM Global Mobility Private Ltd, which will focus on providing Mobility as a Service offering.

Switch Mobility Automotive Ltd brings together Ashok Leyland’s capabilities both from Optare UK and Ashok Leyland’s EV Division. OHM Global Mobility Private Ltd is a solutions company being piloted in India with ambitious plans to roll out Mobility as a Service (eMaaS) globally. Together, Switch and OHM will provide a net carbon zero emission solution to India’s exciting trend towards EV urban buses and LCVs.

Commenting on the announcement, Mr. Dheeraj Hinduja, Chairman, Ashok Leyland and Switch Mobility Ltd , said, “Switch Mobility Automotive Ltd will help us fulfil our aspiration of zero carbon emission transportation. With a strong presence and proven expertise in the commercial vehicle market in India and the experience of operating a large number of electric vehicles successfully in India and the U.K, we see huge opportunities for growth through Switch’s expansion in Indian and Global markets.”

Mr. Vipin Sondhi, MD & CEO, Ashok Leyland Ltd commenting on the announcement, said, “Creating Switch Mobility Automotive Ltd India and OHM Global Mobility Private Ltd will give us the ability to drive the Sustainability agenda which Ashok Leyland is passionate about. It will combine our consumer centric approach with the expertise in technology that the new entities will bring to the table”

Commenting on OHM Global Mobility Private Ltd, Dr Andrew Palmer, Vice Chairman, Switch Mobility Ltd , said, “Through OHM Global Mobility Private Ltd, we believe we can accelerate the transition to net zero carbon mobility in buses and vans. OHM Global Mobility’s pioneering offering is not only extremely comprehensive in India, but is also world-leading and will provide a robust model of business that can be leveraged by Switch in all its markets".

About Ashok Leyland:

Ashok Leyland, flagship of the Hinduja Group, is the second largest manufacturer of commercial vehicles in India, the fourth largest manufacturer of buses in the world, and the seventeenth largest manufacturer of trucks. Headquartered in Chennai, 9 manufacturing plants gives an international footprint – 7 in India, a bus manufacturing facility in Ras al Khaimah (UAE), and one at Leeds, United Kingdom. A US$ 2.3 billion (2019-20) company, and a footprint that extends across 50 countries, we are one of the most fully-integrated manufacturing company. Ashok Leyland has a product range from 2.5T GVW (Gross Vehicle Weight) to 49T GTW (Gross Trailer Weight) in trucks, 16 to 80 seater buses, vehicles for defence and special applications, and diesel engines for industrial, genset, and marine applications.

About Switch Mobility:

Switch Mobility is a technology-focused bus and light commercial vehicle company with the mission to enrich lives through green mobility. Formed in 2020 as a mature start-up, Switch is forged from the EV capabilities of Ashok Leyland, the fourth largest bus and LCV OEM in the world, and Optare, the British bus company with over a century of expertise in using the latest technologies in bus design. Currently fulfilling orders in UK, Switch is creating a strong foundation for the expansion of its operations in Europe and driving growth in India and other parts of the world.

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With a dedicated team of people at our sites in the UK and India, our market-leading vehicles are sold around the globe and combine the best of British and Indian design, technology and engineering to create unique products. Capitalising on our demonstrable experience and proven expertise in lightest weight architecture, zero emissions technologies, data analytics and software, and customer service, Switch Mobility aims to be the commercial EV provider of choice and the industry employer of choice.

For further information/media queries, contact:

Rajesh Mani, Head - Marketing and Corporate Communications Rajesh.Mani@ashokleyland.com | Mobile: +91 9500022922

Meenakshi Anand, Divisional Manager – Corporate Communication Meenakshi.anand@ashokleyland.com | Mobile: +91 7823957700

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