Greaves Cotton announced that it has acquired 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 businesses. Ampere has strong in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications, while Greaves currently provides transportation to almost 10 million people daily through its powertrain solutions.
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 company."