Mumbai-based Engine Maker to Acquire Majority Stake in Ampere Vehicles
One of the most diversified Indian engineering company Greaves Cotton Ltd is reportedly acquiring a majority stake in electric two-wheeler manufacturer Ampere Vehicles.
Following the deal, Greaves Cotton which is based in Mumbai will be acquiring 67% of Ratan Tata-backed Ampere for Rs 77 crore. Furthermore, according to company’s statements, Greaves may also buy out another 13% of the Coimbatore-based company for Rs 75.5 crore after three years.
The first part of the deal is expected to be closed by the end of December, subject to customary closing conditions. This deal will value the ten year old electric maker Ampere at Rs 115 crore.
With this acquisition, Greaves is planning to boost up its product and technology development process especially for last mile mobility in the ele...