Greaves Cotton has announced the signing of a binding term sheet to acquire Excel Controlinkage Pvt Ltd for ₹385 crore. The acquisition will be completed in 4 phases. Initially, Greaves Cotton will buy 60 per cent shareholding in Excel. The balance will be acquired through multiple  tranches planned till FY26.

This acquisition will enable Greaves to build a complementary product portfolio with common customer segments, commence its international footprint and export revenues, and aid in the growth of the fuel-agnostic powertrain portfolio. 

As Greaves strengthens its EV ecosystem, the latest initiative also accentuates Greaves’ strategy of building mechanical to mechatronic to electronic capabilities.

On the development, Nagesh Basavanhalli, Executive Vice Chairman, Greaves Cotton Limited, said, “The acquisition is highly profitable and margin accretive at a consolidated level and complements our vision to build new competencies and accelerate the growth of clean-tech, last-mile mobility”