Greaves Increases Stake In Ampere Vehicles
Greaves Cotton, a diversified engineering company in India, announces the acquisition of 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 cr. With this investment, Greaves 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. 77cr. Greaves total investment in Ampere now stands at Rs. 120.49 cr. (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.