Coimbatore-based Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton, on Monday announced the acquisition of 74% stake in Noida-based Bestway Agencies Pvt Ltd (BAPL) which sells e-rickshaws under the popular ELE brand.
Ampere Vehicles will acquire the balance 26% of Bestway Agencies before April 2021. For the first phase acquisition, upfront cash consideration of Rs 7 crore, which includes share purchase consideration, and non-compete and non-solicit fees, payment being subject to completion of pre- and post-closing obligations, the company informed the stock exchanges. Bestway has reported a turnover of `34.73 crore for the fiscal ended March 31, 2020.
Bestway’s ELE E-Rickshaw has been one of the top three brands in the organised segment in the high growth markets of eastern India and eastern Uttar Pradesh. Bestway has a strong B2C presence in the mass market passenger segment and has recently made a foray into cargo carrier and B2B commercial mobility with custom-built applications.
Through this acquisition, Ampere will expand its presence in the e-rickshaw segment to become an integrated last mile e-mobility player with strong presence in both E-2W and E-3W. E-rickshaw is one of the largest and fastest-growing category of electric vehicles in India and offers clean, comfortable and cost-effective mobility to customers and also increases the daily earning potential of driver community, the company said.
Nagesh Basavanhalli, MD & CEO, Greaves Cotton, and director, Ampere Vehicles, said, “Ampere is one of India’s fast growing and comprehensive EV ecosystem players. The acquisition will further strengthen Ampere’s relationship with the Indian consumer by adding last mile mobility products and services for uninterrupted journey, enhancing productivity across E-2W & E-3W spectrum. Combining Ampere’s and Bestway’s expertise will help in further boosting company’s growth and strengthen market positioning as leading E-mobility business in India.”