Ampere Vehicles, the e-mobility arm of Greaves Cotton Ltd., said it will acquire a strategic stake in electric three-wheeler maker MLR Auto Ltd.
Initially, Ampere would acquire a 26% stake in MLR through primary subscriptionfor a little more than ₹18.81 crore.
The company will have the right to increase its shareholding by another 25% (fully diluted basis) within 12 months from the date of closing of the initial acquisition of 26%, Greaves Cotton said in a filing.
“With this, Ampere Electric gets ready to operate as full range last mile electric-vehicle company with mass mobility solutions in both e-2W and e-3W segment,” said Nagesh A Basavanhalli, MD and Group CEO, Greaves Cotton and director, Ampere Electric.
“Our commitment to grow the clean last mile with a wide variety of consumer-friendly solutions continues to gather momentum,” he added.
