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Greaves Cotton spurts after arm opens EV production facility in TN

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Greaves Cotton rose 7.29% to Rs 156 after the company said its e-mobility arm opened its largest EV production facility in Ranipet, Tamil Nadu.

Greaves Electric Mobility, the e-mobility arm of Greaves Cotton and one of the market leaders in the E-2W and E-3W segments, inaugurated its largest EV production facility in Ranipet, Tamil Nadu. The 35-acre plant located in the Industrial Centre of Tamil Nadu, will serve as an electric mobility hub for both domestic and export markets.

The plant is part of the Rs 700 crore investment roadmap announced by the company to expand its growing share in the Indian electric vehicle market.

The company currently enjoys the fastest growing market share in a keenly contested electric mobility segment. The new manufacturing plant is also in accordance with flagship initiatives of the government such as Make in India and Atmanirbhar Bharat to promote indigenous capabilities in manufacturing.

The Ranipet plant will have capacity to produce 120,000 units by end of this fiscal year and gradually ramp up to 1 million units in near future. The company has robust workforce that has been a hallmark of the brand since its earliest days. The facility will be operational with 70% women in the workforce.

Greaves Electric's ambitious goal of #MovingBillionsWithGreaves is encouraging EV adoption in the country. By catering to both B2C and B2B domains, the business is supporting the entire ecosystem with continual last-mile mobility of people, commodities, and services. Greaves Electric Mobility has a robust retail and after-sales network with 7000+ touchpoints, 12000 associate mechanics and a dedicated on-call support team to facilitate the consumers to make this transition smoothly. Furthermore, in the month of October, the company sold over 7500 units.

On a consolidated basis, Greaves Cotton reported net loss of Rs 23.29 crore in Q2 September 2021, higher than net loss of Rs 22.49 crore in Q2 September 2020. Net sales rose 13.40% to Rs 373.51 crore in Q2 September 2021 over Q2 September 2020.

Greaves Cotton is a diversified engineering company and a leading manufacturer of cleantech powertrain solutions (CNG, petrol and diesel engines), generator sets, farm equipment, e-mobility, aftermarket spares and services.

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

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First Published: Tue, November 23 2021. 13:20 IST