Comments
Abdul Latif Jameel has announced its commitment to invest up to $220 million (₹1,700 crore) in Greaves Electric Mobility—one of India’s electric vehicles (EVs) manufacturers.
Abdul Latif Jameel will initially invest $150 million (₹1,160 crore) for a 35.8 per cent stake in Greaves Electric Mobility, making it the company’s second-largest shareholder. Abdul Latif Jameel is an independent, family-owned and diversified global investor.
Greaves Electric Mobility is a subsidiary of Greaves Cotton Ltd and offers affordable, cleaner alternatives with credible technology stack and after sales support for personal mobility.
The company’s retail sales increased to 62,000 units in FY22, a 128 per cent increase over the previous year.
“This venture is anticipated to accelerate Greaves Electric Mobility’s transition into the next phase of growth. In addition, it will also help in enhancing the competitiveness of the company in terms of product and market reach.
“India is currently the world’s fourth-largest automotive market where the share of EVs in the two-wheeler and three-wheeler segments are expected to increase significantly,” said a press release.
On the investment, Hassan Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “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 Jameel Family, who owns Abdul Latif Jameel, are also early-stage investors and the third-largest shareholder of the US electric vehicle manufacturer Rivian. The Family has also invested in other cutting-edge innovators such as the US venture-backed aerospace company Joby Aviation through their global investment arm JIMCO.
Nagesh Basavanhalli, Managing Director and Group CEO, Greaves Cotton Limited, said: “This investment from Abdul Latif Jameel is an important step towards clean, sustainable and affordable mobility solutions truly accessible to much wider customer base.... With this investment, we will continue to deliver tangible value to our customers and shareholders alike.”
Greaves Electric Mobility will use the funds for investment in new products, associated technologies, brand building and enhance manufacturing capacity.
At present, the auto maker manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheelers (e-Auto and e-Rickshaw) under the mobility brands Ele and Teja.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.