Greaves Cotton Announces Voluntary Dissolution of US Subsidiary

Greaves Cotton Limited today announced that its step-down wholly owned subsidiary, Greaves Technologies Inc (GTI), has submitted an application for voluntary dissolution with the statutory authorities in Delaware, USA. The dissolution is expected to be effective from February 28, 2025, subject to necessary approvals.

According to the filing submitted to both the BSE and NSE, this organizational restructuring is aimed at "simplifying operations, improving overall corporate performance and rationalizing overall group structure."

Financial data provided in the disclosure reveals that GTI had minimal impact on Greaves Cotton Limited's consolidated financials. For the Financial Year 2023-24, GTI reported a total revenue of Rs. 0.29 Crore and a loss of Rs. 0.06 Crore, contributing only 0.01% to the consolidated revenue of the parent company. The document explicitly states that "the dissolution of this subsidiary will not affect the revenue or business of the Company."

GTI is a wholly owned subsidiary of Greaves Technologies Limited (GTL), which in turn is wholly owned by Greaves Cotton Limited. The company clarified that neither GTI nor GTL are material subsidiaries of Greaves Cotton Limited.

The company will issue a separate intimation once statutory approvals for the dissolution have been received.

Greaves Cotton Limited is a diversified engineering company and has evolved from its origins in manufacturing diesel engines to becoming a multi-product conglomerate spanning several sectors.

Today, Greaves operates across multiple segments including engineering, e-mobility, retail, finance, and technologies.

In recent years, Greaves has strategically pivoted toward sustainable mobility solutions, expanding its footprint in the electric vehicle segment. This transformation reflects the company's adaptation to changing market demands and environmental considerations.