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Greaves Cotton Increases Stake in Ampere Vehicles

Auto News - Published on Tue, 16 Jul 2019

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Greaves Cotton announced the acquisition of 25,73,529 equity shares in its subsidiary Ampere Vehicles by way of investment through primary and secondary purchase for a total consideration of INR 38.49 crore. With this investment, Greaves has increased its holding in Ampere to 81.23% from 67.34%. This investment follows the acquisition of Ampere Vehicles by Greaves in October 2018 with 67.34% stake for INR 77crore. Greaves total investment in Ampere now stands at INR 120.49 crore (including control premium) for 81.23% stake.

The investment is part of Greaves' long-term growth strategy to deliver superior products & services in last-mile e-Mobility space, which is seeing significant interest from various quarters.

Ampere, as the e-Mobility subsidiary of Greaves Cotton, has a growing presence in the Indian electric two-wheeler industry along with a range of low-speed and high-speed electric scooters. These affordable scooters are popular with commuters making a switch on account of superior cost economics from conventional to electric two-wheelers & users of public transportation today. In June 2019, Ampere became one of the select few EV manufacturers in India to launch high-speed EV two-wheeler "Zeal" with FAME II subsidy.

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Posted By : Mohan Sharma on Tue, 16 Jul 2019
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