Greaves Cotton Completes Acquisition Of Ampere Vehicles
Greaves Cotton Ltd. on Thursday completed the acquisition of Ampere Vehicle, a Coimbatore, Tamil Nadu-based electric vehicle maker.
The engineering firm has acquired the entire shareholding of Hemalatha Annamalai, chief executive officer of Ampere Vehicles, through secondary purchase, thereby taking absolute control in the EV maker, a company statement read. "This is part of Greaves Cotton' long-term strategy to strengthen and expand its presence in last-mile e-mobility space.”
Greaves Cotton had in 2018 first picked up 67.34 percent stake in Ampere Vehicles for Rs 77 crore. In July 2019, the company picked an additional 13.89 percent stake in Ampere Vehicles for Rs 38.5 crore by way of primary and secondary share purchases.
"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," Greaves Cotton CEO Nagesh Basavanhalli said.
"Our strategic acquisition of Ampere Vehicles, one of the leading brands in personal and last mile mobility electric vehicles segment, is part of a larger vision to helm renewable energy revolution in the country," he said.
Following the acquisition, Ampere Vehicles is now part of the e-mobility division of Greaves Cotton with significant presence in electric two-wheeler industry over the last 10 years.
Ampere Vehicles has over the last 10 months seen significant growth in market share. The number of exclusive outlets selling Ampere electric scooters have gone up from 75 to more than 180. The scooters are sold in 350-plus outlets, including retail stores of Greaves Cotton.