Greaves Cotton Limited has acquired the remaining 20% stake in Excel Controlinkage Private Limited, bringing its total shareholding to 100%. The transaction, completed through the secondary route on August 13, 2026, makes Excel Controlinkage a wholly owned subsidiary of Greaves Cotton. The company announced the development on August 17, 2026.
The acquisition brings to a close a process that began over three years ago. In April 2023, Greaves Cotton signed a definitive agreement to acquire Excel Controlinkage in multiple tranches. The final tranche — the remaining 20% — was completed through a secondary market transaction, with the effective date recorded as August 13, 2026.
Excel Controlinkage: Business Profile and Product Portfolio
Excel Controlinkage, incorporated in 1994, is a manufacturer of mechanical and electronic motion control systems. Its product range covers push-pull cables, mechanical levers and linkages, and electronic throttle levers. The company supplies to a broad base of industrial customers across commercial vehicles, construction equipment, agriculture, material handling, marine, and special-purpose vehicles, and also serves the aftermarket segment. In addition, it operates an integrated manufacturing facility for heavy-duty push-pull cables that covers the full component chain — inner and outer conduits through to end fittings.
Why Motion Control Systems Matter for India's CV and Industrial Sectors
Motion control systems are components that regulate the transfer of force and movement in machinery. In vehicles and industrial equipment, these systems are used to control functions such as throttle, gear selection, and engine management. As India's commercial vehicle and industrial equipment sectors have expanded, demand for domestically manufactured motion control components has grown alongside them.
Greaves.Next Strategy: The Rationale Behind the Full Buyout
Greaves Cotton said the acquisition supports its diversification strategy under its Greaves.Next framework, which organises the company's businesses across three segments: Energy Solutions, Mobility Solutions, and Industrial Solutions. Group CEO and Managing Director Parag Satpute described the deal as "margin-accretive" in a statement, adding that the company would focus on building businesses with "differentiated engineering capabilities" and opportunities in India's mobility and industrial ecosystem.
With Excel Controlinkage now fully integrated, Greaves Cotton said it intends to use the subsidiary's existing product portfolio, manufacturing capabilities, and customer relationships to support growth across its three business segments. The company did not disclose the financial terms of the final tranche.
About Greaves Cotton: Diesel Engines, EVs and Financial Services
Greaves Cotton is a Mumbai-based engineering company with over 165 years of operating history. It is among India's largest manufacturers of single-cylinder diesel engines and has historically supplied products to the Indian armed forces for defence and naval applications. In recent years, the company has expanded into electric mobility through Greaves Electric Mobility Limited, which makes electric two- and three-wheelers, and into financial services through Greaves Finance Limited, an EV-focused non-banking financial company that operates under the brand ev.fin.