Greaves Cotton will acquire a majority stake in Electric Vehicle company Ampere Vehicles Private Limited. This acquisition will accelerate the development of clean energy technology solutions for the mobility needs of passengers and small businesses.
“Greaves has been a trusted brand since 1859 and is well known for the reliability of its products, a strong value proposition based on the low total cost of ownership and widespread pan India reach. With this strategic acquisition, we will be able to address a wider range of customer segments with clean energy mobility solutions. Greaves and Ampere will be a synergistic combination of our excellence in frugal engineering & manufacturing with a new age electric mobility solutions company,” said Nagesh Basavanhalli, MD & CEO, Greaves Cotton Limited.
Ampere is one of the leading brands in the last mile mobility electric vehicles segment. It has strong in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications. Greaves currently provides transportation to almost 10 million people daily through its powertrain solutions. It also reaches five million customers per month through its network of over 5000 retail outlets. The newly launched Greaves Care network, services nearly 7000 vehicles per month, with plans to substantially ramp-up in the coming years.