Greaves Cotton, a diversified engineering company in India, announced the acquisition of 25,73,529 equity shares in its subsidiary Ampere Vehicles, an electric scooter manufacturer, by way of investment through primary and secondary purchase for a total consideration of Rs. 38.49 cr.
With this investment, Greaves Cotton has increased its holding in Ampere Vehicles to 81.23% from 67.34%. This investment follows the acquisition of Ampere Vehicles by Greaves in October 2018 with 67.34% stake for Rs. 77 cr. Greaves Cotton total investment in Ampere now stands at Rs. 120.49 cr. (including control premium) for 81.23% stake.
The investment is part of Greaves Cotton long-term growth strategy to deliver superior products & services in last-mile e-Mobility space, which is seeing significant interest from various quarters.
“Ampere is a pure-play EV company and a fast-growing player in the last mile personal mobility segment. The investments further strengthen our commitment to transform ways in which people access and experience next-gen solutions. We aspire to be a complete auto eco-system player and focused on building a wide portfolio of fuel agnostic & affordable last-mile products & services. These customer-centric solutions are designed to deliver savings & sustainability.’’ said Nagesh Basavanhalli, MD and CEO, Greaves Cotton Limited.
Greaves is making a company-wide push towards “Make In India” project of Government of India by increasing the localisation of products and continue to innovate towards greater design efficiencies.
Ampere Vehicles, as the e-Mobility subsidiary of Greaves, has a growing presence in the Indian electric two-wheeler industry along with a range of low-speed and high-speed electric scooters for personal mobility and industrial products. In June 2019, Ampere Vehicles became one of the select few EV manufacturers in India to launch high-speed EV two-wheeler ‘’Zeal’’ with FAME II subsidy. After the acquisition of Ampere Vehicles by Greeves Cotton it has also significantly increased the retail footprint to 325 outlets.