Greaves Cotton has completed the acquisition of the Coimbatore-based electric scooter company Ampere Vehicles by acquiring the entire shareholding of Hemalatha Annamalai, founder of Ampere, through secondary purchase.
A press release from Greaves Cotton said this was part of the a long-term strategy of Greaves to strengthen and expand its presence in the e-mobility space.
“Our strategic acquisition of Ampere, one of the leading brands in the personal and last mile mobility electric vehicles segment, is part of a larger vision to helm a renewable-energy revolution in the country. With Ampere’s acquisition, we are now well poised to become one of the fast growing e2W player in the market,” Nagesh Basavanhalli, managing director and CEO of Greaves Cotton, said in the release.
Greaves invested ₹77 crore in Ampere in October last year, acquiring 67.34 % stake. It has so far invested ₹180.49 crore in Ampere. Between April and September this year, 8,414 vehicles were sold by Ampere and it has nearly 18% market share in the electric vehicle two-wheeler segment, according to Mr. Basavanhalli.
Greaves is expanding its retail channels, both online and offline, for sale of Ampere vehicles. Customers can buy the electric scooters on e-commerce platforms too. “A lot of our efforts will be focussed to amplify sales and enhancing experience.”
In the last 10 months, the number of exclusive outlets selling Ampere electric scooters increased to 180 from 75. The number of outlets will continue to grow. In the next phase of initiatives, Greaves will continue to innovate towards greater design efficiencies and take efforts to build strategic partnerships to enable rapid localisation of production and the support eco system.
