Chennai, Oct 23 (IANS): Diversified engineering company Greaves Cotton Ltd's electric vehicle subsidiary Greaves Electric Mobility (formerly Ampere Vehicles Private Ltd) has acquired the remaining 26 per cent stake in Bestway Agencies Pvt Ltd for Rs 13.50 crore.
In 2020 Ampere Vehicles -- now Greaves Electric Mobility -- bought 74 per cent stake in the Noida based electric rickshaw maker Bestway Agencies rolling out Ele brand vehicles for Rs 7 crore.
Following the completion of the acquisition, Bestway Agencies is now a fully owned subsidiary of Greaves Electric Mobility.
"With this strategic acquisition, we have strengthened our position to become one of the largest player now catering to 85 per cent of the last mile mobility segment," said Nagesh A. Basavanhalli, Group CEO and MD, Greaves Cotton.
E-Rickshaw is one of the largest and fastest-growing categories of electric vehicles in India and offers sustainable, reliable, noise-free and most important cost-effective mobility to customers.
Recently Ampere Electric/Greaves Electric Mobility had signed an agreement to buy 26 per cent stake in electric three-wheeler maker MLR Auto Ltd, Hyderabad on or before Nov 12, 2021.
The company has the option to increase its stakes by another 25 per cent (fully diluted basis) within a period of 12 months from the date of closing of the initial acquisition of 26 per cent.