German multinational conglomerate Siemens Limited signed a Memorandum of Understanding  (MoU) with the Hinduja group's Switch Mobility Automotive Limited to play in the electric commercial vehicles segment.

Siemens also said Siemens Financial Services (SFS), the financing arm of Siemens AG, would mull a minority investment in OHM Global Mobility Private Limited, another Hinduja group company.

According to Siemens, it would also collaborate with Switch Mobility on new business models such as eMobility-as-a-Service (eMaas), integrated depot energy management, Vehicle-to-Grid (V2G) as well as on-site/off-site renewable energy sources by leveraging batteries from commercial vehicles.

While Switch Mobility would bring in its electric commercial vehicles into India, Siemens would provide the charging infrastructure technology and charging infrastructure management software solution to enhance the energy-efficient operations of the chargers, Siemens said.

"With our experience of more than 230 electric vehicles already in operation successfully in India and the UK, we see immense growth opportunities for Switch's expansion in India, Europe and many global markets," said Dheeraj Hinduja, Chairman, Switch Mobility.

"Siemens is a global leader in e-mobility solutions for commercial vehicles. We have been implementing projects for electric commercial vehicles across the globe. Together with Switch Mobility, we intend to implement high-quality techno-commercial solutions to address the needs of the growing e-mobility market in India," said Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited.

New Zealand Govt delivers next phase climate action by banning new coal boilers

RBI announces Rs1 trillion Govt-security purchase programme

Corporate will grow 15-17 percent revenue in fourth-quarter FY 21