Greaves Cotton, one of India's leading diversified engineering companies, and manufacturer of diesel engines, generators and pump sets, has increased its stake in Coimbatore-based electric vehicle (EV) manufacturer Ampere Vehicles from 67.34 per cent to 81.23 per cent. Greaves Cotton has invested an additional Rs. 38.49 crore in Ampere Vehicles by acquiring 25,73,5129 equity shares through primary and secondary purchase. In October 2018, Mumbai-based Greaves Cotton had acquired a stake of 67.34 per cent in Ampere Vehicles after investing Rs. 77 crore.
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"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 focussed on building a wide portfolio of fuel agnostic and affordable last mile products and services. These customer-centric solutions are designed to deliver savings and sustainability," said Nagesh Basavanhalli, MD and CEO, Greaves Cotton Limited.
Also Read: Greaves Cotton Acquires Stake In Ampere Vehicles
Greaves' total investment in Ampere Vehicles now stands at Rs. 120.49 crore. Greaves has a long-term growth strategy to deliver superior products and services in last mile e-mobility space. The 160-year-old engineering company has reportedly earmarked Rs. 150 crore for its foray into the electric vehicle space, with funds to be spent on its subsidiary, Ampere Vehicles over the next three years. With Greaves picking up a majority stake, Ampere has got access to Greaves' pan-India distribution network of 325 outlets.
