Greaves Cotton to acquire electric vehicle company Ampere; stock surges 12%

Shares of Greaves Cotton hit a 52-week high of Rs 165 per share, up 12% on the BSE in an otherwise rang bound market after the company said it will acquire a majority stake in Coimbatore-based electric vehicle (EV) company Ampere Vehicles.

The stock was trading close to its all-time high of Rs 178 touched on May 4, 2017, on the BSE in intra-day trade.

Ratan Tata-backed Ampere has in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications.

“Greaves Cotton has entered into definitive agreements pursuant to which Greaves Cotton