Greaves Cotton backed Ampere Vehicles operating in the E-2W and E-3W space expanded its play in the last mile mobility ecosystem by announcing a strategic stake in L5 E-3W manufacturer MLR Auto.
For the initial acquisition, the company will acquire a 26% stake in MLR through a primary subscription, subject to completion of customary conditions and closing obligations, for consideration of about INR 18.81 crore.
According to the company, in the top ten urban 3W markets, passenger vehicles will shift rapidly to EVs, and by 2024, 100% of the segment will be electric.
Nagesh A Basavanhalli, MD and Group CEO, Greaves Cotton and Director, Ampere Electric, said that with this strategic stake in MLR Auto. Ampere Electric gets ready to operate as full range last-mile electric vehicle company with mass mobility solutions in both E-2W & E-3W segments.
“Our commitment to grow the clean last mile with a wide variety of consumer-friendly solutions continues to gather momentum,” he added.
Lokeswara Rao Mullapudi, Director MLR Auto stated, increasing urbanisation and exponential growth of e-commerce will spur last-mile delivery demand.
Ampere is ready to cater for this growth with application-specific solutions for B2B fleet logistics solutions. In addition, the company recently announced a mega-investment in EV at Ranipet, Tamil Nadu, with a capacity of up to one million E-2W in phases and with a commitment to invest over INR 700 crore.
Ampere recently announced 500 exclusive retail touchpoints for its E-2W & E-3W network.