Greaves Cotton has announced the completion of its acquisition of entire shareholding of Ms Hemalatha Annamalai in Ampere Vehicles Pvt Ltd through secondary purchase, thereby acquiring absolute control in its subsidiary Ampere Vehicles Pvt Ltd.
This is part of Greaves’ long-term strategy to strengthen and expand its presence in last-mile e-Mobility space that is seeing significant interest from government and commuters alike.
“Greaves Cotton is looking to leverage its position as the leader in providing last mile solutions by playing a pivotal role in enhancing the pace of India’s transition to electric mobility. Our strategic acquisition of Ampere, one of the leading brands in the personal and last mile mobility electric vehicles segment, is part of a larger vision to helm a renewable-energy revolution in the country. With Ampere’s acquisition, we are now well poised to become one of the fast-growing e2W player in the market.” said Nagesh Basavanhalli, MD and CEO, Greaves Cotton Limited.
Ampere Vehicles is now part of the e-Mobility division of Greaves Cotton, with a significant presence in the Indian electric two-wheeler industry since last 10 years.
The brand has efficiently contributed towards a sustainable environment with a range of affordable electric scooters such as Zeal, V-48 LA, Magnus 60, Reo LA and REO Li. These scooters are popular with commuters making a switch from conventional to electric two-wheelers.
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.
Over the last 10 months, Ampere vehicles have grown significant growth in market share and the exclusive outlets selling Ampere electric scooters have gone up from 75 to over 180 (350+ outlets including Greaves retail stores).
These numbers continue to grow and sales have seen consistent growth over the last year. This is the result of Ampere’s initiatives to introduce Lithium-ion batteries and the Omni-channel approach.
In the next phase of planned initiatives to make Ampere India’s most preferred EV brand, as part of Greaves’ company-wide push towards Make in India, the company will continue to innovate towards greater design efficiencies and seek to build strategic partnerships to enable more rapid localization of production and the support ecosystem.