Tuesday June 28, 2022

Greaves Electric Mobility, a subsidiary of Greaves Cotton has completed the allocation of 35.8 per cent share to Abdul Latif Jameel, an independent, family-owned, diversified global investor and operator following up to its investment of $150 million (Rs 1,171 crore).

The investment announcement was made earlier this month.

Greaves Electric has allotted 68,35,450 equity shares of face value Rs 10 each representing 35.80 per cent shareholding in the company on a fully diluted basis by way of preferential allotment through private placement basis for a share subscription consideration of Rs 1,171 crore ($150 million).

Following the allotment, the e-mobility arm continues to be a subsidiary of Greaves Cotton and the resultant shareholding of Greaves Cotton in the company on a fully diluted basis is now 61.38 per cent.

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At present, Greaves Electric Mobility manufactures electric two-wheelers under Ampere Vehicles brand and three-wheeler vehicles (e-auto and e-rickshaw) under the brands Ele and Teja. The EV maker has a revenue of more than $100 million (Rs 780 crore) annual.

The investment will be used to develop new products, associated technologies and brand awareness to make Greaves Electric a leader globally in the EV space. The company says this strategic investment marks a major milestone in the development of the electric two- and three-wheeler ecosystem in India, currently the world’s fourth-largest automotive market where the share of EVs in the two-wheeler and three-wheeler segments is expected to increase significantly. These segments are less dependent on commercial charging infrastructure, unlike passenger cars.

Source

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