Greaves Electric Mobility Partners with Abdul Latif Jameel

Greaves Electric Mobility (the "Company") announces a strategic investment by Abdul Latif Jameel, an independent, family-owned, diversified global investor and operator. The venture builds on Abdul Latif Jameel's extensive global experience in the automotive market as one of the leading independent distributors of Toyota products for over 65 years. The Jameel Family, who own Abdul Latif Jameel, are also early-stage investors and the third-largest shareholder of US electric vehicle manufacturer Rivian. The Family are also investors in other cutting-edge innovators such as US venture-backed aerospace company Joby Aviation through their global investment arm JIMCO.

Greaves Electric Mobility manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (E-Auto and E-Rickshaw) under the brands Ele and Teja. Greaves Electric Mobility has grown from a small revenue base to more than US$100 million annual revenue run rate. Over the last few years, the Company focused on expanding its product offerings through acquisitions and now it caters to the E2W / E3W ecosystem in India. Greaves Electric Mobility has a strong track record of identifying EV opportunities early and scaling up business operations.

The proceeds from this investment will be used to develop new products, associated technologies, brand awareness, aiming to transform the Company into a leading global EV manufacturer. The investment aims to support Greaves Electric Mobility as it transitions into the next phase of growth. This strategic investment marks a major milestone in the development of the E2W / E3W ecosystem in India, currently the world's fourth-largest automotive market where the share of EVs in the two-wheeler and three-wheeler segments are expected to increase significantly. These segments are less dependent on commercial charging infrastructure, unlike passenger cars.

By offering cleaner mobility options, Greaves Electric Mobility and Abdul Latif Jameel will assist India in achieving its objective of reducing carbon emissions by one billion tons by 2030. This is in line with their shared vision of striving for green mobility inclusion to provide clean, affordable and safe mobility solutions.

The Board of Directors of respective companies have approved the transaction which is subject to legal, regulatory, contractual and customary approvals and the completion of agreed conditions set out in the Agreements.

Mr. Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton, said: This investment from Abdul Latif Jameel is an important step towards making clean, sustainable and affordable mobility solutions truly accessible to a much wider customer base. Through sheer hard work, innovation and by seizing the opportunities presented by changing personal mobility preferences, we have emerged as one of India's fast growing EV brands. With this investment, we will continue to deliver tangible value to our customers and shareholders alike."

Mr. Hassan Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, commented: "At Abdul Latif Jameel, we are proud to be investing in Greaves Electric Mobility at such a critical time for India's EV market. Together, we are embarking on a long-term journey to deliver cleaner, more sustainable - and crucially affordable - transport options to India's population, and beyond. This agreement aligns with our strategic priority of investing in mobility of the future, in addition to showcasing our joint commitment to making Greaves Electric Mobility competitive and its EV products available to communities in India and potentially other markets in the Global South."

Shares of Greaves Cotton Limited was last trading in BSE at Rs. 161.75 as compared to the previous close of Rs. 154.80. The total number of shares traded during the day was 223285 in over 4289 trades.

The stock hit an intraday high of Rs. 163.35 and intraday low of 154.10. The net turnover during the day was Rs. 35766282.00.

Source : Equity Bulls

Keywords

GreavesCotton INE224A01026 GreavesElectricMobility StrategicInvestment AbdulLatifJameel