Mumbai

Ampere
Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd., recently
acquired Noida based electric-3Wheeler company Bestway Agencies Pvt. Ltd. (BAPL)
which sells E-Rickshaws under the popular ELE brand.

The company
acquired 74 per cent stake of the BAPL, subject to customary closing
conditions.

Through
this acquisition, Ampere Vehicles will expand its presence in the fast
disrupting E-Rickshaw segment to become an integrated last mile E-Mobility
player with strong presence in both E-2W and E-3W. E-Rickshaw is one of the
largest and fastest growing category of electric vehicles in India and offers
clean, comfortable and cost-effective mobility to customers and also increases
the daily earning potential of driver community.

The
company foresees rapid growth in this segment as affordable mobility needs
expand in the country and as post-COVID thrust towards employment generation
increases at bottom of the pyramid. In addition to B2C segment, with this
acquisition, Ampere will also be able to offer a complete product portfolio to
its B2B customers who have requirements for E-3W as well for both people and
cargo mobility.

Nagesh
Basavanhalli, MD & CEO of Greaves Cotton Ltd. and Director, Ampere Vehicles,
said, “Ampere is one of India’s fast
growing and comprehensive EV ecosystem player that is creating value in the
last mile mobility ecosystem. The acquisition will further strengthen Ampere’s
relationship with the Indian consumer by adding last mile mobility products and
services for uninterrupted journey, enhancing productivity across E-2W &
E-3W spectrum. Combining Ampere’s and Bestway’s expertise will help in further
boosting company’s growth and strengthen market positioning as leading
E-Mobility business in India.”

BVR
Subbu, Chairman, Ampere Vehicles, said, “Within two years of Ampere acquisition
by Greaves, the company has grown phenomenally and has achieved several milestones
thereafter to become a preferred and affordable E-2wheeler brand under personal
mobility segment in the country. With the acquisition of Bestway, Ampere has
now embarked on a new journey to provide clean, safe and sustainable shared
mobility solutions through E-3wheeler and become a leading player in building
and strengthening the country’s EV ecosystem.”  

E-3wheeler
segment has seen growth acceleration in the last few years and Bestway’s ELE e-rickshaw
has been one of the top 3 brands in this organized segment in the high growth
markets of Eastern India and Eastern UP.  Bestway has a strong B2C presence in the mass
market passenger segment and has recently entered new segments of cargo carrier
and B2B commercial mobility with custom-built applications. The company has fit
for purpose frugal manufacturing and ecosystem partnerships with financing
companies and culture for serving customers at the bottom of the pyramid.

Apart from
manufacturing, Bestway Agencies Pvt. Ltd. is involved in e-rickshaw and e-3wheeler
parts for more than 7 years. The company has presence across 16 states & is
operating with 125 dealers and manufacturing in Greater Noida.