Ampere Electric Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Limited, has acquired 74% stake in Noida-based electric three-wheeler company BESTWAY AGENCIES PRIVATE LIMITED for INR 7 Cr. The deal is subject to customary closing conditions, the companies have clarified.
Through this acquisition, Ampere Electric Vehicles will venture into the electric rickshaw segment to enforce a strong presence in both electric two and three wheelers. Moreover, the acquisition will also allow it to offer a complete product portfolio to its #B2B customers who have requirements for electric three wheelers as well for both people and cargo mobility.
Ampere was founded in 2008 by Hemalatha Annamalai. The company raised an undisclosed amount from Ratan Tata in 2015. It has so far raised $200 Mn funding and counts Tata, and Chairman Axilor Ventures Senapathy “Kris” Gopalakrishnan as its key investors. Mumbai-based engineering company Greaves Cotton had acquired the company in 2018.
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Ampere Vehicles Eyes Electric Three-Wheeler Space With Bestway Agencies' Acquisition
Ampere Vehicles will own 74% stake in Bestway Agencies Ampere is one of the first EV brands in India to sell its electric two-wheelers through ecommerce portals Electric two and three-wheelers will account for over 80% of passenger vehicles sold by 2030, report Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton, has acquired 74% stake in Noida-based electric three-wheeler company Bestway Agencies for INR 7 Cr.
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