Greaves Cotton has executed a binding term sheet on February 9, 2023, in relation to the company’s proposed multi-tranche acquisition of Excel Controlinkage, subject to finalization and execution of definitive documents and customary closing conditions/requirements (as applicable).
The company’s purchase of 60% of the shareholding of the Excel Controlinkage carries a long stop date of April 30, 2023. Subsequent to purchase of said tranche of shares, future tranches of share purchase are intended to be undertaken annually by the company; wherein the final tranche, is expected to be completed by the Company by August 2026.
In the event the proposed acquisition takes place in accordance with definitive documents, the acquisition will be in line with the company’s strategy to diversify into new product categories with the intent to strengthen its presence in commercial vehicles and develop the complete mobility ecosystem.
Greaves Cotton commonly known as Greaves is one of the leading and diversified engineering companies in India with a rich legacy and brand trust of over 160 years impacting a million lives every day.
