Greaves' e-mobility arm, Ampere Vehicles, claims to have grown from 75 to 180 exclusive retail stores in just 10 months!
After gradually increasing its shareholding in its subsidiary over the past year, Greaves Cotton has now acquired 100% stake in Ampere Vehicles Pvt Ltd. The engineering giant has done so by acquiring the entire shareholding of Ms Hemalatha Annamalai in Ampere Vehicles, through secondary purchase.
Sharing his thoughts on the company's long-term strategy to expand its presence in the last-mile e-mobility space, Mr Nagesh Basavanhalli, MD & CEO - Greaves Cotton Limited said, 'Greaves Cotton is looking to leverage its position as the leader in providing last-mile solutions by playing a pivotal role in enhancing the pace of India’s transition to electric mobility. Our strategic acquisition of Ampere is part of a larger vision to helm a renewable-energy revolution in the country. With Ampere’s acquisition, we are now well poised to become one of the fastest-growing electric two-wheeler players in the market.'
In October 2018, Greaves Cotton acquired a 67.34% stake in Ampere Vehicles for ₹ 77 crore. This year, in July, Greaves further increased its stake to a total of 81.23%, putting their total investment in Ampere Vehicles at ₹ 120.49 crore. However, the company has not disclosed its final investment figure after the acquisition of the remaining 18.77% stake.
More recently, Ampere Vehicles, as part of its Omni-channel retail model, announced a tie-up with Amazon India for retailing its electric two-wheelers on the e-commerce platform.