Greaves Cotton has announced its foray into multi-brand spares business, an extension to its aftermarket services.

The engineering major, with a strong presence in aftermarket services with a network of over 3,000 outlets spread across the country, will provide a complete range of multi-brand spares across categories like engine, transmission, electrical, rubber parts, lubricants and body parts.

The company, will initially, offer fast-moving vehicle and engine spare parts through its strong retail network.  This will be in addition to generic parts.

In the next phase even relatively slow-moving parts will also be offered to customers thus becoming a one-stop-shop for most parts requirements irrespective of the brand of three-wheeler passenger and commercial vehicles.

At present, the size of the spare parts markets – in the space that Greaves Cotton is addressing – is Rs. 3,500 crore

The company will be the first to offer spares across all categories in three-wheeler segment.

Commenting on the new venture, Sunil Pahilajani, MD and CEO, said, “With an ever increasing vehicle population in India, there is a vast untapped potential in the aftermarket space. Also, there is an urgent need to counter the serious threat from spurious parts dealers.”

“To begin with, we have tied up with more than 40 vendors for the supply of various spares. With our strong and increasing network across the country, we are in a position to provide a one-stop solution to our customers. Greaves has a strong distribution channel and service network which can be utilised to serve customers of other brands. With minimal presence of other brands in this space, we believe there is an opportunity to create value.”

Greaves Cotton will be using its manufacturing facility and sourcing capability to produce and source vehicle and engine parts. The company further plans to increase its footprint by adding an additional 1,500 outlets in the coming three to five years.