Mumbai, Sept. 27 -- The lease, effective 1 October 2025, covers land, plant and machinery at Mysore Road, Seshagirihalli, Bengaluru, measuring about 8,094 sq. metres. The site will be used to manufacture bus body components, assemble in-house and imported bus parts, and build fully functional electric buses.

Under the agreement, Azad India Mobility will pay a monthly rent of Rs 25.5 lakh, with a 5% escalation every 12 months. The lease is for five years, with provision for extension by mutual agreement.

The arrangement is classified as a related-party transaction, as promoters Bupinder Singh Chadha and Chamjit Singh Chadha are directors in both entities. The company said the deal was executed on an arm's length basis.

Azad India Mobili...