Greaves Electric Mobility will strengthen its footprint in the electric tricycle segment and complete the 26% acquisition of MLR Auto.
Greaves E-Mobility owns the Ampere Electric series of electric scooters
Greaves Electric Mobility Private Limited, the electric mobility division of Greaves Cotton Limited, has completed a 26% stake in MLR Auto Ltd, an electric tricycle manufacturer. As a result of this acquisition, Greaves Electric Mobility has strengthened its position as one of the largest end-to-end players in the last mile mobility segment, meeting 85% of consumer demand, according to Greaves. In August 2021, Greaves Electric Mobility announced that it would consider acquiring shares in MLR for more than Rs 1.8 billion.
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Through this acquisition, MLR Auto is expected to drive significant growth in Greaves E-Mobility, the company said in a statement. With this acquisition, Greaves Electric Mobility will offer the opportunity to secure a higher market share as logistics and delivery services drive demand for higher load-bearing commercial electric freight vehicles.
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“The acquisition of MLR Auto Ltd is ready to compete in the electric tricycle sector for freight and passenger transportation in commercial clean mobility spaces. Low cost delivery demand is expected to increase consumer and logistics requirements. This acquisition is in line with our goal of expanding clean last mile mobility, “said P Sanjeev, Executive Director of MLR Auto.
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Greaves Electric Mobility has grown significantly across all brands with comprehensive EV ecosystem support developed to meet the growing needs of discerning EV buyers. The company has invested in complete aftermarket support and retail finance solutions through partnerships with various partners. Greaves now has an unparalleled retail footprint of nearly 7,000 touchpoints. Strong support for 12,000 mechanics and a comprehensive Greaves Retail network backed by multi-brand sales, service and mobility realization solutions.
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Greaves Electric Mobility Acquires 26% Stake in MLR Auto
Source link Greaves Electric Mobility Acquires 26% Stake in MLR Auto