Abdul Latif Jameel, an impartial, family-owned, diversified world investor and operator has introduced its dedication to speculate $220 million (Rs 1,700 crore) in in Greaves Electric Mobility, one among India’s main two-to-three-wheeler mobility gamers.
This is claimed to be one of many largest investments within the Indian two-to-three-wheeler house up to now. As a part of the understanding, Abdul Latif Jameel will initially make investments $150 million [Rs 1,160 crores] for a 35.8 p.c totally diluted stake within the firm making it the second-largest shareholder in Greaves Electric Mobility, a subsidiary of diversified engineering companies, Greaves Cotton.
This will assist speed up Greaves Electric Mobility’s transition into the subsequent section of development. In addition, it can additionally assist in enhancing the competitiveness of the corporate when it comes to product and market attain. Greaves Electric Mobility says it can deploy the funds in direction of new product growth, related applied sciences, model constructing and improve manufacturing capability.
India is at the moment the world’s fourth-largest automotive market the place the share of EVs within the two-wheeler and three-wheeler segments are anticipated to extend considerably. Unlike passenger vehicles, these segments are much less depending on business charging infrastructure.
Through this strategic funding, the companions plan to align in reworking Greaves Electric Mobility into a big electrical two-to-three-wheeler mobility participant in India, with the potential to develop its portfolio to different markets within the Global South.
Hassan Jameel, deputy president and vice-chairman, Abdul Latif Jameel stated: “At Abdul Latif Jameel, we are proud to be investing in Greaves Electric Mobility at such a critical time for India’s EV market. Together, we are embarking on a long-term journey to deliver cleaner, more sustainable – and crucially affordable – transport options to India’s population, and beyond. This agreement aligns with our strategic priority of investing in mobility of the future, in addition to showcasing our joint commitment to making Greaves Electric Mobility competitive and its EV products available to communities in India and potentially other markets in the Global South.”
The enterprise builds on Abdul Latif Jameel’s intensive world expertise within the automotive market as one of many main impartial distributors of Toyota merchandise for over 65 years. The Jameel Family, who personal Abdul Latif Jameel, are additionally early-stage buyers and the third-largest shareholder of US electrical car producer Rivian.
Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton stated: “This investment from Abdul Latif Jameel is an important step towards clean, sustainable and affordable mobility solutions truly accessible to much wider customer base. Through sheer hard work, innovation and by seizing opportunities presented by changing personal mobility preferences, we have emerged as one of India’s fast growing EV brands. With this investment, we will continue to deliver tangible value to our customers and shareholders alike”
In FY2022, Greaves Electric Mobility offered over 62,000 e-vehicles, which was 128 p.c larger YoY.
At current, Greaves Electric Mobility manufactures electrical two-wheelers underneath Ampere Vehicles model and three-wheeler autos (E-Auto and E-Rickshaw) underneath the mobility manufacturers Ele and Teja, respectively.
Source: www.financialexpress.com”