MUMBAI: Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd, on Monday announced the acquisition of Noida-based Bestway Agencies which sells e-rickshaws under the popular ELE brand with 74 per cent stake in the company.
Through the acquisition, Ampere will expand its presence in the fast-disrupting e-rickshaw segment to become an integrated last-mile e-mobility player with a strong presence in both E-2W and E-3W.
The company said e-rickshaw is one of the largest and fastest-growing categories of electric vehicles in India and offers clean, comfortable and cost-effective mobility to customers and also increases the daily earning potential of driver community.
The company foresees rapid growth in this segment as affordable mobility needs to expand across the country and as post-COVID thrust towards employment generation increases at the bottom of the pyramid.
In addition to the B2C segment, Ampere will also be able to offer a complete product portfolio to its B2B customers who have requirements for E-3W as well for both people and cargo mobility.
"Combining Ampere's and Bestway's expertise will help in further boosting company's growth and strengthen market positioning as leading e-mobility business in India," said Nagesh Basavanhalli, Managing Director and CEO of Greaves Cotton Ltd.