Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd, on Monday announced the acquisition of Noida-based electric three-wheeler company Bestway Agencies Pvt Ltd (BAPL), with a 74 per cent stake in the company, subject to customary closing conditions.
BAPL sells e-rickshaws under the popular ELE brand. Through this acquisition, Ampere aims to expand its presence in the e-rickshaw segment to become an integrated last-mile e-mobility player with strong presence in both electric two-wheelers and three-wheelers, the company said in a statement.
E-rickshaw is one of the largest and fastest growing categories of electric vehicles in India, it said. In addition to the B2C segment, with this acquisition, Ampere will also be able to offer a complete product portfolio to its B2B customers who have requirements for electric three-wheelers as well for both people and cargo mobility, it said.
“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 and E-3W spectrum. Combining Ampere’s and Bestway’s expertise will help in further boosting the company’s growth and strengthen market positioning as the leading E-Mobility business in India,” said Nagesh Basavanhalli, MD and CEO of Greaves Cotton Ltd and Director, Ampere Vehicles.