Greaves Cotton rose 1.01% to Rs 89.60 after the company announced the acquisition of Noida-based electric-rickshaw company, Bestway Agencies.
Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton, on Tuesday (7 July) announced the acquisition of Noida-based E-3 wheeler company Bestway Agencies, which sells E-rickshaws under the popular ELE brand.Ampere will pay Rs 7 crore in cash to acquire a 74% stake in Bestway in the first phase by the end of July 2020. In the second phase, it will acquire the remaining 26% in April 2021, based on the fair value of Bestway at the end of the current fiscal year.
Through this acquisition, Ampere will expand its presence in the fast disrupting E-rickshaw segment to become an integrated last mile E-mobility player with strong presence in both E-2W and E-3W.
Greaves Cotton's consolidated net profit tanked 98.4% to Rs 55 lakh on a 28.6% drop in net sales to Rs 386.19 crore in Q4 March 2020 over Q4 March 2019.
Greaves Cotton is multi-product, multi-locational company is one of the leading engineering companies in India with core competencies in diesel/petrol engines, farm equipment and gensets.
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