Greaves Cotton has acquired an additional 13.89 % stake in its e-mobility subsidiary Ampere Vehicles, which makes electric two-wheelers, for Rs 38.5 crore via primary and secondary share purchases. The company said wiith this latest stake acquisition, Greaves’ total investment now stands at Rs 120.49 crore.
It may be noted that Greaves Cotton had first picked up 67.34 % in 2018 for Rs 77 crore. The investment is part of the conpany's long-term growth strategy for the last-mile e-mobility space.
Nagesh Basavanhalli, MD, Greaves Cotton, said the company aspires to be a complete auto ecosystem player, focussed on building a wide portfolio of fuel-agnostic and affordable last mile products and services.
It may be recalled that Ampere last month became one of the select few domestic EV makers to launch high-speed electric two-wheeler Zeal’ under the Fame-II subsidy of ₹10,000-crore.