Greaves Cotton plans to spend part of the ₹150 crore it has set aside for acquisitions to ramp up its cleantech products and services.
“For acquisitions, we had intended to spend up to ₹150 crore. A portion of this went into buying out minority shareholders and the rest will go into the company,” said Nagesh Basavanhalli, MD and CEO, Greaves Cotton.
“With the balance amount, we want to ramp up and build new products, and enhance our capacity in cleantech segment, especially in e-mobility sphere,” he added. The company has set aside a ₹75-crore capex this year for diversification of products.
Greaves is eyeing the electric vehicle (EV) ecosystem, as well as fuel-agnostic mobility solutions and services. Basavanhalli said: “Greaves has transformed into a complete EV-ecosystem player now, with a wide range of mobility solutions at the right cost-economic offerings.”
Under e-mobility, the company plans to expand its presence through a series of EVs under the brand ‘Ampere by Greaves’. It plans to introduce two-wheelers, Ampere’s ‘Trisul’ vehicles targeted at textile mill workers, auto-trolleys, and golf carts.
“The company recently launched its high speed scooter Zeal. This product is eligible for subsidy of ₹18,000 under FAME-2,” said Hemalatha Annamalai, MDof Ampere Vehicles (a unit of Greaves Cotton).
“We have become an established player in the E-two-wheeler (slow and high speed), E-rickshaw segments, and are developing multiple solution offerings across the EV-value chain under the Ampere brand. This is expected to provide a complete EV ecosystem, a one-stop shop with energy-efficient products and comprehensive sales, service, charging, and financing options for the EV buyer,” she added.
K Vijaya Kumar, President, Greaves, said: “We plan to extensively work on charging support mechanism at its 5,000 outlets across India, petrol pumps and malls.”
“We have 5,000 outlets where we intend to start setting up charging stations. The first 100 will be set up in the near future,” he added.