Electric two-wheeler manufacturer, Ampere Vehicles, the wholly-owned subsidiary of Greaves Cotton, has announced acquiring ownership stake in electric 3-wheeler company Bestway Agencies Pvt Ltd. (BAPL), for an undisclosed amount. Ampere Vehicles has acquired 74 per cent stake in the Noida-based company, subject to customary closing conditions. Bestway Agencies sells E-Rickshaws under the popular ELE brand, and with this new deal, Ampere Vehicles has now entered the last mile passenger and cargo e-mobility space.
Commenting on this acquisition, Nagesh Basavanhalli, MD & CEO of Greaves Cotton Ltd. and Director, Ampere Vehicles, said, "The acquisition will further strengthen Ampere's relationship with the Indian consumer by adding last-mile mobility products and services for an uninterrupted journey, enhancing productivity across E-2W & E-3W spectrum. Combining Ampere's and Bestway's expertise will help in further boosting the company's growth and strengthen market positioning as a leading e-Mobility business in India."
Bestway's ELE E-Rickshaw has been one of the leading players in the organised electric 3-wheeler segment in the high growth markets of Eastern India and Eastern Uttar Pradesh. The company already has a strong B2C presence in the mass market passenger segment and has recently entered cargo space and B2B commercial mobility with custom-built applications.
Ampere Vehicles says that it foresees rapid growth in the electric 3-wheeler segment as affordable mobility solutions in the post-COVID world will boost "employment generation at the bottom of the pyramid". Also, in addition to the B2C segment, Ampere plans to offer a complete product portfolio to its B2B customers who have requirements for electric 3-wheeler for both people and cargo mobility.