A little over a year after Greaves Cotton acquired over 67% in Ampere Vehicles, it has wrapped up complete stake buyout of the electric two-wheeler company. Greaves Cotton has now bought the entire shareholding of Ms Hemalatha Annamalai in Ampere Vehicles via secondary purchases. With this buyout via secondary purchase, Greaves Cotton gets absolute control and Ampere Vehicles is its subsidiary now.
Nagesh Basavanhalli, MD and CEO, Greaves Cotton said, “Our strategic acquisition of Ampere, one of the leading brands in the personal and last-mile mobility electric vehicles segment, is part of a larger vision to helm a renewable-energy revolution in the country. With Ampere’s acquisition, we are now well poised to become one of the fast-growing electric two-wheeler players in the market.”
Ampere Vehicles, which is Greaves Cotton's e-mobility arm, has a significant presence in the Indian electric two-wheeler space and manufactures a range of affordable e-scooters such as Zeal, V-48 LA, Magnus 60, Reo LA and REO Li. These scooters are popular with commuters making a switch from conventional to electric two-wheelers.
According to Ampere, it has significantly increased its market share in the past 10 months and also expanded its network of exclusive outlets from 75 to over 180.
Also read: Greaves Cotton hikes stake in Ampere Vehicles to 81 percent
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