Greaves Cotton to acquire majority control in EV company Ampere

Diversified engineering company Greaves Cotton Ltd on Wednesday said it will acquire 80 percent stake in electric vehicles (EV) company Ampere Vehicles Pvt Ltd for Rs 152.50 crore in two stages.

In a regulatory filing in BSE, Greaves Cotton said it will acquire 67 percent stake in Ampere for Rs 77 crore in the first phase to be completed by December 2018.

Greaves Cotton can acquire an additional 13 percent stake in Ampere for Rs 75.5 crore in a span of three years.

As to the rationale for acquiring Ampere, Greaves Cotton said it is to accelerate development of clean energy technology solutions for last-mile mobility and to address a wider range of customer segments with clean energy mobility solutions.

Ampere has posted a revenue of Rs 16 crore during April-July 2018.

The Board of Directors of Greaves Cotton approved the acquisition on Wednesday.

"With this strategic acquisition, we will be able to address a wider range of customer segments with clean energy mobility solutions. Greaves and Ampere will be a synergistic combination of our excellence in frugal engineering and manufacture with a new age electric mobility solutions company," Nagesh Basavanhalli, MD & CEO, Greaves Cotton Ltd, was quoted as saying in a statement.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)