Greaves buys more shares in Ampere Vehicles

Greaves Cotton has increased its shareholding in its subsidiary Ampere Vehicles to 81.23 percent from 67.34 percent. Greaves acquired 25,73,529 equity shares by way of investment through primary and secondary purchase for a total consideration of Rs. 38.49 crore. This investment follows the acquisition of Ampere Vehicles by Greaves in October 2018 with 67.34 percent stake for Rs. 77crore. Greaves total investment in Ampere now stands at Rs. 120.49 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 eco-system player and focused on building a wide portfolio of fuel agnostic & affordable last-mile products & services. These customer-centric solutions are designed to deliver savings & sustainability.’’ said Nagesh Basavanhalli, MD and CEO, Greaves Cotton Limited.

Ampere, as the e-Mobility subsidiary of Greaves Cotton, has a growing presence in the Indian electric two-wheeler industry along with a range of low-speed and high-speed electric scooters. These affordable scooters are popular with commuters making a switch on account of superior cost economics from conventional to electric two-wheelers & users of public transportation today. In June 2019, Ampere became one of the select few EV manufacturers in India to launch high-speed EV two-wheeler ‘’Zeal’’ with FAME II subsidy.

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