Greaves Cotton might soon be making electric vehicles in India, the diversified engineering company has announced that they have entered into a definitive agreement pursuant to which Greaves Cotton will acquire a majority stake in EV company Ampere Vehicles Pvt. Ltd, subject to customary closing conditions. According to both companies, this new alliance will allow them to accelerate the development of clean energy technology mobility vehicles that will not only be used for the commute but could aide the development of small businesses’.
For those of you not in the know, Ampere is one of the new generations of electric vehicle startups that have strong in-house capabilities in the fields of designing, developing, manufacturing & marketing electric vehicles with a wide range of applications. Greave Cotton which is one of the leading component manufacturers in the country, provide powertrains that power almost 10 million cars. Aside from this Greaves also services 5 million customers a month through a dedicated network of more than 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. Greave who currently have expertise with conventional combustion engines is looking future-forward to ensure that stakeholders in the company can see the added value. This acquisition in the electric mobility segment underscores the strategic intent of Greaves.
Speaking on the acquisition, Nagesh Basavanhalli, MD & CEO, Greaves Cotton Limited, said that he intends to carry forward the Greave Cotton name that has been around since 1859 synonymous with a strong value proposition based on the 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. Through this new alliance, both they intend to take forward the best qualities of both, with Cottons’ excellence in frugal engineering and management with a new age mobility solution company.
