Greaves Electric Mobility acquired 100% stake in E-Rickshaw Company Bestway

Greaves Electric Mobility, the E-Mobility arm of Greaves Cotton Limited and one of the leading players in the E-2W and E-3W segment has announced 100 per cent acquisition of Bestway Agencies Pvt. Ltd. (BAPL) which sells E-Rickshaws under the popular ELE brand.

Last year in July, the company first announced their intervention with Bestway with 74% stake and added e-rickshaw as part of the portfolio offerings. With significant quarter on quarter growth, owning to the increase in petrol prices and people seeking it as the form of livelihood; Greaves has experienced much appreciation from customers & channel partners after adding ELE to their family. As per declared results, ELE E-rickshaws has seen tremendous growth over last year.

"With this strategic acquisition, we have strengthened our position to become one of largest player now catering to 85% of the last mile mobility segment. We continue to mobilize India ahead, generate gainful employment for e3W users seeking sustainable livelihood opportunities & thus contribute towards building the nation responsibly." said Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton.

E-Rickshaw is one of the largest and fastest-growing categories of electric vehicles in India and offers sustainable, reliable, noise-free and most important cost-effective mobility to customers. It also increases daily earning potential of the drivers - migrants, unemployed youth with pride & dignity. According to a recent study by, Centre for Energy Finance at Council on Energy, Environment and Water at Centre for Energy Finance (CEEW-CEF), there has been a consistent increase in the sales of E2W and E3W; showcasing increasing demand with better awareness and acceptance.

The company has stepped up efforts to design & develop customer friendly products & solutions with increased localization content. This is part of Greaves overall #MovingBillionsWithGreaves initiative and their vision to support the Government's Make-In-India initiative.

Shares of Greaves Cotton Limited was last trading in BSE at Rs. 132.50 as compared to the previous close of Rs. 136.80. The total number of shares traded during the day was 164667 in over 2276 trades.

The stock hit an intraday high of Rs. 138.75 and intraday low of 131.40. The net turnover during the day was Rs. 22118680.00.

Source : Equity Bulls

Keywords

GreavesCotton GreavesElectricMobility EMobility ERickshaw ELEBrand INE224A01026 Acquisition Bestway