Ampere Acquires Majority Stake in Noida Based EV Company
Ampere pointed out that the move will strengthen its’ presence in the last mile passenger and cargo e-mobility domain
Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd., has announced the acquisition of Noida based E-3Wheeler company Bestway Agencies Pvt. Ltd.(BAPL) which sells E-Rickshaws under the popular ELE brand with 74 per cent stake in the company, subject to customary closing conditions.
“Ampere is one of India’s fast growing and comprehensive EV ecosystem player that is creating value in the last mile mobility ecosystem. The acquisition will further strengthen Ampere’s relationship with the Indian consumer by adding last mile mobility products and services for uninterrupted journey, enhancing productivity across E-2W & E-3W spectrum,” noted Nagesh Basavanhalli, MD & CEO of Greaves Cotton Ltd., and Director, Ampere Vehicles.
He added, “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,”
Presence in the last mile E-Mobility
Through this acquisition, Ampere will expand its presence in the fast disrupting E-Rickshaw segment to become an integrated last mile E-Mobility player with presence in both E-2W and E-3W. E-Rickshaw is one of the largest and fastest growing category of electric vehicles in India.
The company foresees rapid growth in this segment as affordable mobility needs expand in the country and as post-COVID thrust towards employment generation increases at bottom of the pyramid. In addition to B2C segment, with this acquisition, 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.
BVR Subbu, Chairman, Ampere Vehicles, said, “Within two years of Ampere acquisition by Greaves, the company has grown phenomenally and has achieved several milestones thereafter to become a preferred and affordable E2Wheeler brand under personal mobility segment in the country. With the acquisition of Bestway, Ampere has now embarked on a new journey to provide clean, safe and sustainable shared mobility solutions through E-3Wheeler and become a leading player in building and strengthening the country’s EV ecosystem.”
Bestway has a strong B2C presence in the mass market passenger segment and has recently entered new segments of cargo carrier and B2B commercial mobility with custom-built applications.