Greaves Cotton has acquired 25,73,529 equity shares in its subsidiary Ampere Vehicles by way of investment through primary and secondary purchase for a total consideration of Rs 38.49 crore.
With this investment, the company 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 Rs 77crore. Greaves total investment in Ampere now stands at Rs 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.
Greaves Cotton, a multi-product, multi-locational company is one of the leading engineering companies in India with core competencies in diesel/petrol engines, farm equipment and Gensets.
