Greaves Cotton-owned electric two-wheeler maker Ampere Vehicles has acquired 74 percent stake in Noida-based electric three-wheeler maker Bestway Agencies for Rs 7 crore.
The acquisition price for the balance 26 percent, expected to be done in April 2021, will be determined as per the fair value of the equity shares as on March 31, 2021, subject to completion of various conditions agreed between parties, Ampere added.
Bestway Agencies builds and sells e-rickshaws under the brand ELE. E-rickshaw is one of the largest and fastest growing categories of electric vehicles in India, Ampere said in a release.
Established in early 2004 Bestway Agencies clocked a turnover of Rs 34.73 crore (unaudited) in FY20, a growth of 43 percent compared to FY19.
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 E-3W as well for both people and cargo mobility, added Ampere.
Nagesh Basavanhalli, MD & CEO of Greaves Cotton and Director, Ampere Vehicles, said, “The acquisition will further strengthen Ampere's relationship with the Indian consumer by adding last-mile mobility products and services for an uninterrupted journey, enhancing productivity across E-2W & E-3W spectrum.
The e-three wheeler segment has seen growth acceleration in the last few years and Bestway’s ELE e-rickshaw has been one of the top three brands in this organized segment in the high growth markets of eastern India and eastern UP, as per the information shared by Ampere.
Bestway’s three-wheelers have a range of around 127 kms and consume 4.44 units on a full charge. The lithium-ion battery capacity of the vehicle is 4.4kWh.
Mahindra Electric Mobility, Kinetic Green Energy, Victory Electric Vehicles are some of the other organised players in this segment. Bajaj Auto and TVS Motor Company are also preparing an entry into the electric three-wheeler segment.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
