Greaves Cotton, one of India's leading diversified engineering companies, announced that they have entered into definitive agreements pursuant to which Greaves Cotton will acquire a majority stake in EV company Ampere Vehicles, subject to customary closing conditions. This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses.

Ampere is one of the leading brands in the last mile mobility electric vehicles segment. It has strong in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications. Greaves currently provides transportation to almost 10 million people daily through its powertrain solutions.

In addition, Greaves reaches 5 million customers (of aftermarket spare parts) per month through its network of 5000+ retail outlets. The newly launched Greaves Care network services nearly 7000+ vehicles per month, with plans to substantially ramp-up in the coming years. Greaves will be able to leverage its distribution, aftermarket and service strengths to help Ampere grow more rapidly.

Nagesh Basavanhalli, MD & CEO, Greaves Cotton, said, "Greaves has been a trusted brand since 1859, and is well known for the reliability of its products, a strong value proposition based on low total cost of ownership and widespread pan India reach. With this strategic acquisition, we will be able to address a wider range of customer segments with clean energy mobility solutions. Greaves and Ampere will be a synergistic combination of our excellence in frugal engineering & manufacturing with a new age electric mobility solutions company."

Shares of the company gained Rs 11.5, or 7.84%, to trade at Rs 158.15. The total volume of shares traded was 646,584 at the BSE (12.04 p.m., Thursday).