Greaves Electric Mobility Private Limited, the electric mobility arm of Greaves Cotton Limited, has completed the acquisition of 26 per cent stake in electric three-wheeler manufacturer, MLR Auto Ltd. According to Greaves, with the conclusion of this acquisition, Greaves Electric Mobility has strengthened its position as one of the largest end-to-end players in the last mile mobility segment, catering to 85 per cent of consumer demand. In August 2021, Greaves Electric Mobility had announced the consideration of the stake acquisition in MLR, to the tune of over Rs. 18 crore.
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Greaves Electric Mobility has acquired 74% Stake In Electric 3-Wheeler Company Bestway
Through this acquisition, MLR Auto is expected to propel significant growth for Greaves E-Mobility, the company said in a statement. The acquisition offers Greaves Electric Mobility the opportunity to secure higher market share as logistics and delivery service drive the demand for higher load bearing commercial electric cargo vehicles.
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AutoEVmart by Greaves Electric Mobility will not just provide Ampere Electric brand EVs, but also other two-wheelers and three-wheelers from different brands.
"We are now prepared to compete in the electric three-wheeler sector of cargo and passenger transportation in the commercial clean mobility space through the acquisition of MLR Auto Ltd. We anticipate an increase in consumer demand and logistics requirements because of low-cost delivery demand for e- commerce, institutional needs and municipal sales. The acquisition is aligned with our objective to expand clean last-mile mobility," said P Sanjeev, Executive Director, MLR Auto.
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Greaves Electric Mobility has seen significant growth across all its brands with comprehensive EV ecosystem support developed to cater to the growing needs of discerning EV buyers. The company has invested in complete aftermarket support, retail financing solutions with tie-ups from various partners. Greaves now has an unparalleled retail footprint of nearly 7,000 touchpoints; solid support of 12,000 mechanics and a comprehensive Greaves Retail network backed by multi-brand sales, service and mobility enablement solutions.
