Greaves Cotton increases stake in EV maker Ampere Vehicles to 81.23 %

Greaves Cotton Ltd. has increased its stake in electric vehicles maker Ampere Vehicles to 81.23 per cent from 67.34 per cent for Rs. 38.49 crore. 

Greaves acquired Ampere Vehicles in October 2018 for Rs. 77 crore as part of its long-term growth strategy to deliver superior products and services in last-mile e-mobility, said the company.

"The investments further strengthen our commitment to transform ways in which people access and experience next-gen solutions," said Nagesh Basavanhalli, managing director and chief executive officer of Greaves Cotton.

Ampere, as an e-mobility subsidiary of Greaves Cotton, offers a range of low-speed and high-speed electric scooters. 

In the last 10 months since the strategic acquisition of Ampere by Greaves, the market share has grown along with expansion of Greaves Retail footprint to 325 outlets.