Greaves Cotton, one of India’s
leading diversified engineering companies, announced that they have entered
into definitive agreements pursuant to which Greaves Cotton will acquire a
majority stake in EV company Ampere Vehicles Pvt. Ltd, subject to customary
closing conditions. This acquisition will accelerate the development of clean
energy technology solutions for mobility needs of passengers and small
Ampere is one of the leading
brands in the last mile mobility electric vehicles segment. It has strong
in-house capabilities in designing, developing, manufacturing & marketing
electric vehicles with a wide range of applications. Greaves currently provides
transportation to almost 10 million people daily through its powertrain
solutions. In addition, Greaves reaches 5 million customers (of aftermarket
spare parts) per month through its network of 5000+ retail outlets. The newly
launched Greaves Care network services nearly 7000+ vehicles per month, with
plans to substantially ramp-up in the coming years. Greaves will be able to
leverage its distribution, aftermarket and service strengths to help Ampere
grow more rapidly.
Greaves aims to create
enhanced value for its shareholders by investing in advanced clean energy
technologies through partnerships in India and worldwide. This acquisition in
the electric mobility segment underscores the strategic intent of Greaves.
Nagesh Basavanhalli, MD &
CEO, Greaves Cotton Limited, said, “Greaves has been a trusted brand since
1859, and is well known for the reliability of its products, a strong value
proposition based on low total cost of ownership and widespread pan India
reach. With this strategic acquisition, we will be able to address a wider
range of customer segments with clean energy mobility solutions. Greaves and
Ampere will be a synergistic combination of our excellence in frugal
engineering & manufacturing with a new age electric mobility solutions
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