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.
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.
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