New Delhi: Greaves Electric Mobility, the e-mobility arm of Greaves Cotton Limited, has announced 100% acquisition of Bestway Agencies Pvt. Ltd. (BAPL), which sells e-rickshaws under the popular ELE brand.Last July, the company announced its intervention with Noida-based Bestway with a 74% stake and added e-rickshaw as part of the portfolio offerings.
“With significant quarter on quarter growth, owing to the increase in petrol prices and people seeking it as a 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,” said the company statement.
Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton, said, “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 mobilise India ahead, generate gainful employment for e-3W users seeking sustainable livelihood opportunities & thus contribute towards building the nation responsibly.”Greaves mobility business comprises Ampere Electric, which caters to two-wheeler (e-scooters) and three-wheeler (e-rickshaw, e-auto and e-loader) segments. Within e-three wheelers, the company has a presence in e-rickshaws under the ELE brand and e-autos under the MLR brand.
Greaves Cotton Limited is a diversified engineering group involved in Engines, Retail, Electric Mobility, Finance & Technology services.