Approval of Lease Deed to be entered with Azad Coach Builders Private Ltd to take on lease Land, Plant and Machinery.
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Azad India Mobility Ltd's board has approved a lease deed with Azad Coach Builders Pvt Ltd for land, plant and machinery spread over 8,094 sq metres at Mysore Road, Seshagirihalli, Bengaluru, for 5 years starting October 1, 2025. The facility will be used to manufacture and assemble electric bus body components, with annual capacity of up to 1,500 e-buses. Monthly rent is Rs 25.50 lakh plus GST, with a 5% yearly escalation. This is a related party transaction as common directors exist between the two companies, and it is described as arm's length.
This lease gives the company a ready-made, government-approved manufacturing base for electric buses without upfront capex, supporting its expansion into the green mobility segment. For shareholders, it signals a strategic move into e-bus manufacturing, though it adds a fixed monthly outflow of about Rs 25.5 lakh plus annual hikes.