Greaves Electric Mobility, the E-Mobility arm of Greaves Cotton Limited, acquired Bestway Agencies that sells E-Rickshaws under the popular ELE brand.
Last year, in July, the company first announced its intervention with Bestway with a 74% stake and added e-rickshaw as part of the portfolio offerings.
With significant quarter on quarter growth, owing to the increase in petrol prices and people seeking it as a form of livelihood, Greaves has experienced much appreciation from customers & channel partners after adding ELE to their family. As per declared results, ELE E-rickshaws have seen tremendous growth over the last year.
Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton, said, “With this strategic acquisition, we have strengthened our position to become one of largest players now catering to 85% of the last mile mobility segment. We continue to mobilise India ahead, generate gainful employment for e3W users seeking sustainable livelihood opportunities and thus contribute towards building the nation responsibly.”