Greaves Cotton has entered into definitive agreements pursuant to which it will acquire a majority stake in Ampere Vehicles. In a press release Greaves Cotton stated that this acquisition is subject to customary closing conditions.
Ampere Vehicles is an electric vehicle company specializing in design, development, manufacturing and marketing battery operated electric vehicles in India which include electric cycles, electric scooter, electric three wheeler and also customized electric vehicles, while Greaves Cotton through its powertrain solutions provides transportation to almost 10 million people daily. The company further stated in its press release that it reaches 5 million customers (of aftermarket spare parts) per month through its network of 5000+ retail outlets.
Through this acquisition Greaves Cotton aims to leverage its distribution, aftermarket and service strengths to help Ampere grow more rapidly.
@EPC World Media
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