NEW DELHI: Shares of Greaves Cotton climbed 12 per cent on Thursday on the news that it will acquire a majority stake in EV company Ampere Vehicles, subject to customary closing conditions.The stock rose 12.2 per cent to hit a high of Rs 164.55 on the BSE early this morning.This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses.
Ampere is one of the leading brands in the last mile mobility electric vehicles segment.
It has strong in-house capabilities in designing, developing, manufacturing marketing electric vehicles with a wide range of applications, the company said in a BSE filing.The company provides transportation to almost 10 million people daily through its powertrain solutions.Greaves aims to create enhanced value for its shareholders by investing in advanced clean energy technologies through partnerships in India and worldwide.
This acquisition in the electric mobility segment underscores the strategic intent of Greaves, the company said."With this strategic acquisition, we will be able to address a wider range of customer segments with clean energy mobility solutions," said MD and CEO Nagesh Basavanhalli.