Left Menu
Development News Edition

Greaves Cotton completes acquisition of Ampere Vehicles

Greaves Cotton completes acquisition of Ampere Vehicles

Greaves Cotton completes acquisition of Ampere Vehicles Chennai, Nov 14 (PTI): Engineering firm Greaves Cotton Ltd on Thursday said it has increased its stake in Coimbatore-based Ampere Vehicles making the completion of the acquisition. Greaves Cotton announced the completion of the acquisition of entire shareholding of Ampere Vehicles CEO, Hemalatha Annamalai through secondary purchase thereby taking absolute control in Ampere Vehicles, a company statement said.

"This is part of Greaves' long-term strategy to strengthen and expand its presence in last-mile e-mobility space...," a company statement said. Greaves Cotton, in 2018, first picked up 67.34 per cent stake in Ampere Vehicles for Rs 77 crore.

In July, the company picked additional 13.89 per cent stake in Ampere Vehicles for Rs 38.5 crore by way of primary and secondary share purchases. "Greaves Cotton is looking to leverage its position as the leader in providing last mile solutions by playing a pivotal role in enhancing the pace of India's transition to electric mobility," Greaves Cotton Ltd, MD and CEO, Nagesh Basavanhalli said.

"Our strategic acquisition of Ampere one of the leading brands in the personal and last mile mobility electric vehicles segment, is part of a larger vision to helm renewable energy revolution in the country," he said. Following the acquisition, Ampere Vehicles is now part of the e-Mobility division of Greaves Cotton with significant presence in electric two-wheeler industry over the last 10 years.

Over the last 10 months, Ampere Vehicles has seen significant growth in market share and the exclusive outlets selling Ampere electric scooters have gone up from 75 to over 180 which includes 350-plus outlets including retail stores by Greaves. In the next phase of planned initiatives to make Ampere India's most preferred EV brand, as part of Greaves' company-wide push towards Make in India campaign, the company would continue to innovate towards greater design efficiencies and seek to build strategic partnerships, it added..

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



JNU Administration's 100-meter challenge before JNUSU

For the first time in its history, Jawaharlal Nehru University JNU Administration is seeking permanent deployment of local police to keep protesting students at 100 meters away from the Administrative Block. It would be interesting to see h...

Sentiment Analysis of Twitter users during COP25: Governments losing trust on Climate Action

Sentiment analysis of Twitter users during COP25 in Madrid, being held from December 2-13, shows widespread fear on climate change due to global warming but almost no trust on governments in meeting the emission targets. In the analysis the...

These innovators are making humanitarian response more efficient

These alarming trends prompt a call for the world to not only address the ongoing crisis but also to adopt innovative approaches to fulfill the growing humanitarian needs in such emergencies. ...

Hyderabad Encounter: A sentiment analysis of public mood on day of encounter

Sentiment analysis of twitter users revealed that they showered salutes on Hyderabad police for eliminating alleged gang rapists of the veterinary doctor but only a few believe in cops version of successive events leading to encounter....


Latest News

AMU protests: Situation under control, says police

Amid the protests carried out by students at the Aligarh Muslim University AMU against Citizenship Amendment Act, Aligarh Police on Sunday said that the situation is under control and police personnel have been deployed in the area in order...

I have been assaulted by Rabri Devi, driven out of her house: daughter in law

Aishwarya Roy, the estranged daughter-in-law of RJD chief Lalu Prasad, on Sunday charged her mother-in-law and former Bihar Chief Minister Rabri Devi with beating her, dragging her by her hair and snatching away her mobile phone and other b...

Reports: Indians trading P Kluber to Rangers

The Cleveland Indians are finalizing a deal to trade two-time Cy Young Award winner Corey Kluber to the Texas Rangers, multiple outlets reported Sunday. In exchange, the Rangers will send right-handed reliever Emmanuel Clase and outfielder ...

Turkey ready to give any military support Libya needs -Erdogan

President Tayyip Erdogan said on Sunday Turkey is ready to provide Tripoli any military support it needs after Ankara and Libyas internationally recognised government signed a security deal. We will be protecting the rights of Libya and Tur...

Give Feedback