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Greaves Electric Mobility buys out 26% in Bestway
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SME Times News Bureau | 23 Oct, 2021
Diversified engineering company Greaves Cotton Ltd's electric vehicle
subsidiary Greaves Electric Mobility (formerly Ampere Vehicles Private
Ltd) has acquired the remaining 26 per cent stake in Bestway Agencies
Pvt Ltd for Rs 13.50 crore.
In 2020 Ampere Vehicles -- now
Greaves Electric Mobility -- bought 74 per cent stake in the Noida based
electric rickshaw maker Bestway Agencies rolling out Ele brand vehicles
for Rs 7 crore.
Following the completion of the acquisition, Bestway Agencies is now a fully owned subsidiary of Greaves Electric Mobility.
"With
this strategic acquisition, we have strengthened our position to become
one of the largest player now catering to 85 per cent of the last mile
mobility segment," said Nagesh A. Basavanhalli, Group CEO and MD,
Greaves Cotton.
E-Rickshaw is one of the largest and
fastest-growing categories of electric vehicles in India and offers
sustainable, reliable, noise-free and most important cost-effective
mobility to customers.
Recently Ampere Electric/Greaves Electric
Mobility had signed an agreement to buy 26 per cent stake in electric
three-wheeler maker MLR Auto Ltd, Hyderabad on or before Nov 12, 2021.
The
company has the option to increase its stakes by another 25 per cent
(fully diluted basis) within a period of 12 months from the date of
closing of the initial acquisition of 26 per cent.
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