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 ₹ 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 ₹ 77 crore.
"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.
Greaves' total investment in Ampere Vehicles now stands at ₹ 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 ₹ 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.