Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd., has announced acquiring 74 percent stake in Noida-based electric three-wheeler company Bestway Agencies Pvt. Ltd. (BAPL) which sells e-rickshaws under the ELE brand. The acquisition is currently subject to customary closing conditions. Through this acquisition, Ampere will expand its presence in the e-rickshaw segment with an aim to become an integrated last-mile e-mobility solutions provider with a presence in both electric two-wheelers and electric three-wheelers. E-rickshaws are a very fast-growing category of electric vehicles in India, offering zero-emissions and cost-effective mobility to customers, along with providing a daily earning potential to the driver community.
Ampere foresees rapid growth in this segment as affordable mobility needs expand in the country in the post-COVID lockdown era while generating employment as well. Besides providing B2C mobility solutions, Ampere also plans to offer a product portfolio to its B2B customers who have requirements for electric three-wheelers, both in people moving and cargo mobility.
Combining Ampere and Bestway’s expertise will help in further boosting the company’s growth and strengthen market positioning as leading e-mobility business in India, Nagesh Basavanhalli, MD & CEO of Greaves Cotton Ltd. and Director, Ampere Vehicles, said.
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Within two years of Ampere acquisition by Greaves, the company has grown phenomenally and has achieved several milestones thereafter to become a preferred and affordable electric two-wheeler brand under the personal mobility segment in the country, BVR Subbu, Chairman, Ampere Vehicles, said.
Electric three-wheelers have seen immense growth in India as a last-mile connectivity solution over the past recent years, with Bestway’s ELE e-rickshaw being one of the top 3 brands in the segment, particularly in Eastern India and Eastern UP. Bestway recently stepped into cargo carrier and B2B commercial mobility segments with custom-built applications.
