- Greaves Cotton paid Rs 77 crore for 67 per cent stake
- Might acquire another 13 per cent in a span of three years
Greaves Cotton, an Indian engineering firm has acquired Coimbatore-based Ampere Electric. The engineering firm has paid Rs 77 crore to acquire 67 per cent of Ampere Electric.
Reports suggest that Greaves Cotton may also acquire another 13 per cent stake in Ampere Electric in a span of three years. After this acquisition, Ampere Electric will turn into a subsidiary of Greaves Cotton. The company will be run independently and Hemalatha Annamalai, founder of the company will continue to serve as the CEO of the company.
With this acquisition, Greaves Cotton plans to address a wider range of customer segments with clean energy mobility solutions. Over the last few years, many Indian auto manufacturers have invested heavily in EV companies. Hero MotoCorp has invested in a Bengaluru-based start-up Ather Energy. TVS too, has a stake in Ultraviolette Automotive, another electric vehicle start-up based out of Bengaluru.
