Greaves Electric targets more than double 3W capacity by FY27 

Greaves Electric Mobility, known for its Ampere, Ele, Greaves and Eltra vehicle brands, is planning to more than double its production capacity of three-wheelers across its factories in Telangana and Uttar Pradesh by financial year 2027.

The automaker currently has three plants-- in Ranipet in Tamil Nadu, in Greater Noida in Uttar Pradesh, and in Toopran in Telangana. 

The company plans to boost the capacity at the Greater Noida plant to 45,896 units from 21,514 units while the capacity at the Toopran plant will be increased to 34,800 units from 13,538 units. 

"This will allow us to cater to the expanding market for three-wheelers by allowing us to produce additional quantities of our existing three-wheelers, while also enabling production of any new models launched by us," the company said in its draft red herring prospectus.

Greaves Electric will invest Rs 20 crore for the capacity expansion in Greater Noida and Rs 38 crore for the expansion in Toopran. The investments will be funded from the net proceeds received from the proposed public offering.

The Ranipet plant manufactures electric two-wheelers, the Greater Noida plant produces electric three-wheelers and the Toopran plant manufactures both electric and ICE three-wheelers.

The plants in Greater Noida and Toopran are operated by Greaves Electric subsidiaries Bestway Agencies Pvt Ltd and MLR Auto, respectively. 

The company has no plans to increase the manufacturing capacity of its two-wheelers at the Ranipet plant, which currently has an annual capacity of 4.80 lakh two-wheelers.

Instead, Greaves Electric will set up a battery pack assembly line in Ranipet. The battery pack assembly line will have an annual installed capacity of 400,000 units. It is expected to be commissioned in May 2026 and start commercial production in July 2026.

The Eltra brand portfolio currently sells two medium-speed three-wheeler models that can transport people or goods, starting from Rs 3.80 lakh.

Diesel and CNG three-wheelers are sold through the Greaves brand at a starting price of Rs 2.90 lakh, and the brand has four models. The electric rickshaw brand Ele offers three models and the range starts from Rs 1.30 lakh.

Three-wheelers accounted for around 28% of Greaves Electric’s total revenue in 2023-24. The automaker sold 13,470 three-wheelers during the last financial year, from 6,870 units in the year-ago period. 

The electric two-wheeler business under the Ampere brand is the major revenue contributor with a share of around 68%. The sales volume of Ampere two-wheelers has been on a declining trend which fell to 47,820 units in 2023-24 from 1.09 lakh units in 2022-23.

Bengaluru-based Greaves Electric is the electric mobility division of Greaves Cotton Ltd. It manufactures and sells electric two-wheelers under the Ampere brand, and electric as well as diesel and CNG three-wheelers under Ele, Greaves and Eltra brands.