The engineering company recently announced its foray into the multi-brand electric vehicle retail segment
Greaves Cotton is open to initiate talks with investors in order to fund the expansion of its electric mobility business, a top company official told the Economic Times.
“If the right partner comes along and there is a meeting of the minds, then why not,” Nagesh Basavanhalli, Group CEO, Greaves Cotton Ltd told the publication.
Greaves mobility business comprises of Ampere Electric, which caters to both two-wheeler (e-scooter including high-speed scooter) and three-wheeler (e-rickshaw, e-auto and e-loader) segments.
Within e-three wheelers, the company has a presence in e-rickshaws under the ELE brand and e-autos under the MLR brand.
“All the investments so far in Ampere Electric Vehicles have been funded by the parent company. However, going forward we are open to having a financial partner to drive our next generation of growth,” Basavanhalli said.
He added thatt the company’s Tamil Nadu plant in Ranipet will be ready by the end of the current fiscal year.
“We will be running and doing production out of the Ranipet plant sooner than we had announced,” he said.
Greaves Cotton, which has been known for manufacturing engines and heavy equipment, said it sensed four years ago that disruption was around the corner and EVs were bound to grow.
“I think the switch to EVs will take place over the next 4-5 years, but it will happen in a way that ICE vehicles will stay here for a while,” he said.
The engineering company recently announced its foray into the multi-brand electric vehicle retail segment.
The new venture, AutoEVMart, will serve as a marketplace for all EV products in the country ranging from offering two and three-wheelers, bicycles along with charging solutions and spares, among others, Basavanhalli said then.
The platform is a concept that will enable consumers with a wide range of electric vehicles to choose from Ampere Electric to other brands in the EV space, said a release.
