Engineering major Greaves Cotton Ltd has entered into definitive agreement to acquire a majority stake in electric vehicles company Ampere Vehicles Pvt Ltd. This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses.
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 Cotton currently provides transportation to almost 10 million people daily through its powertrain solutions. In addition, Greaves reaches 5 million customers (of aftermarket spare parts) per month through its network of more than 5000 retail outlets. The newly launched Greaves Care network services nearly 7000 vehicles per month.
Nagesh Basavanhalli, MD & CEO, Greaves Cotton Ltd, said, “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.”