Engineering solutions company Greaves Cotton has announced that it has entered into a definitive agreement with the Coimbatore-based EV start-up Ampere Vehicles, pursuant to which Greaves Cotton will acquire a majority stake in the company, subject to customary closing conditions.
This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses. In December 2017, Greaves Cottton embarked on a major transformational journey investing significantly in building a new leadership team to build future-proof business. This acquisition of Ampere Vehicles is a clear intent of driving in that direction.
The Coimbatore-based 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 and marketing electric vehicles with a wide range of applications.
Greaves Cotton says it currently provides transportation to almost 10 million people daily through its powertrain solutions. In addition, it reaches out to 5 million customers per month through its aftermarket network of more than 5,000 retail outlets.
The company's newly launched Greaves Care network services nearly more than 7,000 vehicles per month, which it plans to ramp up substantially in the coming years. It plans to leverage its distribution, aftermarket and service strengths to help Ampere grow more rapidly.
Greaves Cotton says it aims to create enhanced value for its shareholders by investing in advanced clean energy technologies through partnerships in India and worldwide. This acquisition in the electric mobility segment underscores its strategic intent. The company had launched two new powertrain solutions – BS VI-ready versions of its diesel and CNG powertrains and high performance electric powertrains at the Auto Expo 2018, New Delhi.
File photo: Nagesh Basavanhalli, MD and CEO, Greaves Cotton, with three-wheeler EV concept revealed at Auto Expo 2018. The lightweight vehicle benefits from Greaves Altigreen drivetrain technology.
Commenting on the acquisition, Nagesh Basavanhalli, managing director and CEO, Greaves Cotton, said: “Greaves has been a trusted brand since 1859, and is well known for the reliability of its products, a strong value proposition based on low total cost of ownership and widespread all-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 and manufacturing with a new-age electric mobility solutions company.”
Ampere Vehicles' 48V 20Ah Li-ion charger offers both
high temperature and overcharge protection with auto cut-off.
In May 2018, Ampere launched two e-scooters, the Ampere V48 and the Reo Li-ion models, along with its newly developed charger for Li-ion battery packs. The advanced lithium-ion charger is claimed to be designed with two-stage charging profile, wherein the charging voltage and the current’s levels can be amended based on the requirements of battery manufacturers' recommendations. The company has a sales network of around 150 dealers in 14 states across the country and has sold more than 35,000 scooters since it rolled out its first product in 2008.
Greaves Cotton says it aims to create enhanced value for its shareholders by investing in advanced clean energy technologies through partnerships in India and worldwide. This acquisition in the electric mobility segment underscores the strategic intent of Greaves.
Also read: Greaves Cotton’s growth accelerates for fourth quarter in a row
Greaves Cotton reports Rs 458 crore revenue in Q1 FY19, up 13%