Greaves Cotton ups stake in EV-2-wheeler-maker Ampere by 14%

Engineering firm Greaves Cotton has acquired an additional 13.89 percent stake in its e- mobility subsidiary Ampere Vehicles, which makes e-two- wheelers for Rs 38.5 crore by way of primary and secondary share purchases. With this, Greaves' total investment now stands at Rs 120.49 crore, the company said Monday. It had first picked up 67.34 percent in 2018 for Rs 77 crore.

The investment is part of Greaves' long-term growth strategy for the last-mile e-mobility space, it said. "Ampere is a pure-play electric vehicle player in the last mile personal mobility segment and the current investments further strengthen our commitment to this segment of mobility.

"We aspire to be a complete auto ecosystem player and focused on building a wide portfolio of fuel agnostic and affordable last mile products and services," said Nagesh Basavanhalli, managing director of Greaves Cotton. Last month, Ampere became one of the select few domestic EV makers to launch high-speed electric two-wheeler Zeal' under the Fame-II subsidy of Rs 10,000-crore..