Greaves Cotton’s arm acquires 74% stake in Bestway Agencies
7th Jul 2020

Greaves Cotton’s wholly-owned electric mobility subsidiary -- Ampere Vehicles has acquired Noida based E-3Wheeler company Bestway Agencies (BAPL) which sells E-Rickshaws under the popular ELE brand with 74% stake in the company, subject to customary closing conditions.

Through this acquisition, Ampere will expand its presence in the fast disrupting E-Rickshaw segment to become an integrated last mile E-Mobility player with strong presence in both E-2W and E-3W. E-Rickshaw is one of the largest and fastest growing category of electric vehicles in India and offers clean, comfortable and cost-effective mobility to customers and also increases the daily earning potential of driver community.

The company foresees rapid growth in this segment as affordable mobility needs expand in the country and as post-COVID thrust towards employment generation increases at bottom of the pyramid. In addition to 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.

Greaves Cotton commonly known as Greaves is one of the leading and diversified engineering companies in India with a rich legacy and brand trust of over 160 years impacting a million lives every day.