Ampere Electric Acquires Stake In Electric Three-Wheeler Maker MLR Auto

Ampere Vehicles, the electric mobility arm of Greaves Cotton Limited, has expanded its operations in the last mile mobility ecosystem by acquiring strategic stake in electric three-wheeler manufacturer MLR Auto. Ampere will acquire 26 per cent stake in MLR through primary subscription, subject to completion of customary conditions and closing obligations, the company said in a statement. The stake in MLR Auto will be for consideration of over Rs. 18.81 crore (Rs. 18,81,20,230 crore), according to a statement released by Ampere Vehicles.

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According to Ampere, the investement in MLR Auto reflects Ampere's agility and commitment in responding to emerging needs of its three-wheeler customers. The investment will allow Ampere to leverage cost economic products that enhance daily savings and transform ease of driving. Ampere says the company will accelerate pace of electrification in mass mobility segment and stands to gain from a host of incentives under the FAME-II (Faster Adoption and Manufacturing of Electric Vehicles) subsidy, with the added advantage of various state government incentives.

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Commenting on this occasion, BVR Subbu, Chairman of Ampere Electric, observed, "Our market research and analysis suggests that in the top ten urban 3W markets, passenger vehicles will shift rapidly to EVs and by 2024, 100% of the segment will be electric. This comes from an overwhelming consumer preference for quieter emission free vehicles as consumer habits evolve, particularly those relating to the mobile consumption of data and entertainment. At Ampere, we are getting ready to participate in this high growth segment with a range of affordable and reliable products."

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Speaking on this announcement, Nagesh A Basavanhalli, MD and Group CEO of Greaves Cotton and Director of Ampere Electric, mentioned, "With this strategic stake in MLR Auto, Ampere Electric gets ready to operate as full range last mile electric vehicle company with mass mobility solutions in both E-2W & E-3W segment. Our commitment to grow the clean last mile with wide variety of consumer friendly solutions continues to gather momentum."

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Ampere foresees exponential growth in last mile delivery demand with a corresponding growth in urbanisation and e-commerce. The company is ready to cater to this growth with application-specific solutions for B2B fleet logistics solutions. Ampere Electric recently announced a mega investment in electric vehicle manufacturing at Ranipet, Tamil Nadu, with an annual capacity of up to 1 million electric two-wheelers in phases. The company has made a commitment to invest Rs. 700 crore in the facility, and has recently achieved the milestone of 100,000 electric vehicles sold to customers across 400 towns.