Strengthens presence in the last mile passenger and cargo e-mobility domain
Chennai, NFAPost: Greaves Electric Mobility, the E-Mobility arm of Greaves Cotton Limited and one of the leading players in the E-2W and E-3W segment today announced 100 per cent acquisition of Bestway Agencies Pvt. Ltd. (BAPL) which sells E-Rickshaws under the popular ELE brand.
Last year in July, the company first announced their intervention with Bestway with 74% stake and added e-rickshaw as part of the portfolio offerings. With significant quarter on quarter growth, owing to the increase in petrol prices and people seeking it as the form of livelihood; Greaves has experienced much appreciation from customers & channel partners after adding ELE to their family. As per declared results, ELE E-rickshaws has seen tremendous growth over last year.
Greaves Cotton Group CEO and MD Nagesh A Basavanhalli said with this strategic acquisition, Greaves has strengthened our position to become one of largest player now catering to 85% of the last mile mobility segment.
“We continue to mobilise India ahead, generate gainful employment for e3W users seeking sustainable livelihood opportunities & thus contribute towards building the nation responsibly,” said Nagesh A Basavanhalli,
E-Rickshaw is one of the largest and fastest-growing categories of electric vehicles in India and offers sustainable, reliable, noise-free and most important cost-effective mobility to customers. It also increases daily earning potential of the drivers – migrants, unemployed youth with pride & dignity. According to a recent study by, Centre for Energy Finance at Council on Energy, Environment and Water at Centre for Energy Finance (CEEW-CEF), there has been a consistent increase in the sales of E2W and E3W; showcasing increasing demand with better awareness and acceptance.
The company has stepped up efforts to design & develop customer friendly products & solutions with increased localization content. This is part of Greaves overall #MovingBillionsWithGreaves initiative and their vision to support the Government’s Make-In-India initiative.
About Greaves:
Greaves Cotton Limited is a diversified engineering conglomerate focused on being pivotal to India’s resurgence as a competitive economy.
The company is a leading name in the domain of Engines, Retail, Electric Mobility, Finance & Technology services.
Greaves enjoys a rich legacy and customer trust spanning over 162 years. Through its Engines, Retail and E-Mobility businesses the company, directly and indirectly, impacts a billion lives every day, around the world. The company today manufactures world-class products and sustainable solutions under various business units and is backed by comprehensive support from 500+ Greaves Retail Centers & 7000+ smaller spare parts retail outlets across the country. For more information visit www.greavescotton.com
