Abdul Latif Jameel, an independent, family-owned, diversified global investor and operator has announced its commitment to invest $220 million (Rs 1700 crores) in Greaves Electric Mobility. Abdul Latif Jameel will initially invest $150 million (Rs 1160 crores) for a 35.8 percent fully diluted stake making it the second-largest shareholder in Greaves Electric Mobility.
Greaves Electric Mobility will use the funds from the investment in new products, associated technologies, brand building and enhance manufacturing capacity.
Abdul Latif Jameel’s investment in Greaves Electric Mobility continues its ongoing strategy to invest in businesses that are driving the future of global sustainable mobility. Through this strategic investment, both parties will be aligned in transforming Greaves Electric Mobility into a significant electric two-to-three-wheeler mobility player in India, with the potential to expand its portfolio to other markets in the Global South.
Hassan Jameel, deputy president and vice chairman of Abdul Latif Jameel, commented: “This agreement aligns with our strategic priority of investing in mobility of the future, in addition to showcasing our joint commitment to making Greaves Electric Mobility competitive and its EV products available to communities in India and potentially other markets in the Global South.”
The Jameel family, who own Abdul Latif Jameel, are also early-stage investors and the third-largest shareholder of US electric vehicle manufacturer Rivian. The Family are also investors in US venture-backed aerospace company Joby Aviation through their global investment arm JIMCO.
Nagesh Basavanhalli, Managing Director and Group CEO, Greaves Cotton added, “This investment from Abdul Latif Jameel is an important step towards clean, sustainable and affordable mobility solutions truly accessible to much wider customer base. With this investment, we will continue to deliver tangible value to our customers and shareholders alike”
Currently, Greaves Electric Mobility manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (E-Auto and E-Rickshaw) under the mobility brands Ele and Teja, respectively. Greaves Electric Mobility has retailed over 62,000 vehicles for the financial year 2022, which is a more than 100 percent jump from the previous fiscal.