Abdul Latif Jameel, an independent, family-owned global investor has committed to invest $ 220 million (INR 1,700 crore) in Greaves Electric Mobility. The investor will initially invest $ 150 million (INR 1,160 crore) for a 35.8% fully diluted stake in the company, making it the second-largest shareholder in Greaves Electric Mobility.
The venture is expected to accelerate Greaves Electric Mobility’s transition into the next phase of growth. The investment, as the Indian company shared, will be utilised to amplify the competitiveness of the company in terms of product and market reach.
India is currently the world’s fourth-largest automotive market with the 2W and 3W segments accounting for the largest share of sales in the automotive vertical.
Abdul Lateef Jameel noted that the investment is in line with the shared vision of striving for green mobility inclusion to provide clean, affordable, and safe mobility solutions. The investor informed that it made the investment based on the largely untapped potential of two-and-three-wheeler EVs in India.
Hassan Jameel, Deputy President and Vice Chairman, 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. 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.”
Nagesh Basavanhalli, Managing Director and Group CEO, Greaves Cotton, said this investment from Abdul Latif Jameel is an important step towards clean, sustainable and affordable mobility solutions truly accessible to a much wider customer base. “With this investment, we will continue to deliver tangible value to our customers and shareholders alike,” he said.
Greaves Electric Mobility had sold 62,000 electric vehicles in FY22. The company manufactures e2Ws under the brand name Ampere Vehicles and 3Ws (e-auto and e-rickshaw) under the mobility brands Ele and Teja, respectively.