Greaves Cotton, a diversified engineering company in India, announces the acquisition of 25,73,529 equity shares in its subsidiary Ampere Vehicles by way of investment through primary and secondary purchase for a total consideration of Rs. 38.49 cr. With this investment, Greaves has increased its holding in Ampere to 81.23% from 67.34%. This investment follows the acquisition of Ampere Vehicles by Greaves in October 2018 with 67.34% stake for Rs. 77cr. Greaves total investment in Ampere now stands at Rs. 120.49 cr.(including control premium) for 81.23% stake.
The investment is part of Greaves' long-term growth strategy to deliver superior products & services in last-mile e-Mobility space, which is seeing significant interest from various quarters.
"Ampere is a pure play EV company and a fast-growing player in the last mile personal mobility segment. The investments further strengthen our commitment to transform ways in which people access and experience next-gen solutions. We aspire to be a complete auto ecosystem player and focused on building a wide portfolio of fuel agnostic & affordable last mile products & services. These customer-centric solutions are designed to deliver savings & sustainability.'' said Nagesh Basavanhalli, MD and CEO, Greaves Cotton Limited.
Ampere, as the e-Mobility subsidiary of Greaves Cotton, has a growing presence in the Indian electric two-wheeler industry along with a range of low-speed and high-speed electric scooters. These affordable scooters are popular with commuters making a switch on account of superior cost economics from conventional to electric two-wheelers & users of public transportation today. In June 2019, Ampere became one of the select few EV manufacturers in India to launch high-speed EV two-wheeler ''Zeal'' with FAME II subsidy. In the last 10 months since the strategic acquisition of Ampere by Greaves, the market share has grown significantly along with expansion of Greaves Retail footprint to 325 outlets. Overall Ampere customer base has continued to grow and sales have seen a substantial increase over the last year. Apart from personal mobility solutions, Ampere also has products in the Industrial usage segment. The company will continue to innovate towards greater design efficiencies and will enable localization of production. This is part of Greaves' company-wide push towards "Make in India."
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