Greaves Cotton completes Ampere Vehicles acquisition via secondary purchase

Takes absolute control as promoter Hemalatha Annamalai makes an exit

Greaves Cotton today announced the completion of its acquisition of the entire shareholding of Hemalatha Annamalai in Ampere Vehicles Pvt Ltd through a secondary purchase. In the process it has taken absolute control of the company, which will now become its wholly-owned subsidiary. Greaves Cotton said Annamalai, the promoter the company, has exited.

This is part of Greaves’ long-term strategy to strengthen and expand its presence in the last-mile e-mobility space that is seeing significant interest from the government and commuters alike.

Greaves Cotton bought the remaining 18.77 per cent in Ampere for about Rs 60 crore, taking its total stake to