Greaves Cotton Limited has proposed to acquire the remaining 18.77 per cent stake in electric-vehicle maker Ampere by making an additional investment of Rs 60 crore. Having acquired a majority stake in August 2018, Greaves currently holds an 81.23 per cent stake in Ampere. The proposed purchase of 21,99,220 equity shares, or 18.77 per cent stake, from existing shareholders will make Ampere its wholly owned subsidiary.
Established in Coimbatore, Ampere, which had Ratan Tata as one of its early investors, is engaged in design, development, manufacture and marketing of battery-operated electric vehicles for personal mobility and industrial applications and materials movement.
Apart from Tata, Hemalatha Annamalai-led Ampere also saw received investments from Infosys co-founder Kris Gopalakrishnan. Both Tata and Gopalakrishnan exited later.
The company's revenue increased from Rs 7.1 crore in 2016-17 to Rs 53.6 crore in 2018-19.