June 02, 2022
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Greaves Electric Mobility (the “Company”) announces a strategic investment by Abdul Latif Jameel, an independent, family-owned, diversified global investor and operator. The venture builds on Abdul Latif Jameel’s extensive global experience in the automotive market as one of the leading independent distributors of Toyota products for over 65 years. The Jameel Family, who own Abdul Latif Jameel, are also early-stage investors and the third-largest shareholder of US electric vehicle manufacturer Rivian. The Family are also investors in other cutting-edge innovators such as US venture-backed aerospace company Joby Aviation through their global investment arm JIMCO.
Greaves Electric Mobility manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (E-Auto and E-Rickshaw) under the brands Ele and Teja. Greaves Electric Mobility has grown from a small revenue base to more than US$100 million annual revenue run rate. Over the last few years, the Company focused on expanding its product offerings through acquisitions and now it caters to the E2W / E3W ecosystem in India. Greaves Electric Mobility has a strong track record of identifying EV opportunities early and scaling up business operations.
The proceeds from this investment will be used to develop new products, associated technologies, brand awareness, aiming to transform the Company into a leading global EV manufacturer. The investment aims to support Greaves Electric Mobility as it transitions into the next phase of growth. This strategic investment marks a major milestone in the development of the E2W / E3W ecosystem in India, currently the world’s fourth-largest automotive market where the share of EVs in the two-wheeler and three-wheeler segments are expected to increase significantly. These segments are less dependent on commercial charging infrastructure, unlike passenger cars.
By offering cleaner mobility options, Greaves Electric Mobility and Abdul Latif Jameel will assist India in achieving its objective of reducing carbon emissions by one billion tons by 2030. This is in line with their shared vision of striving for green mobility inclusion to provide clean, affordable and safe mobility solutions.
The Board of Directors of respective companies have approved the transaction which is subject to legal, regulatory, contractual and customary approvals and the completion of agreed conditions set out in the Agreements.
Greaves Electric Mobility (GEM) is the
electric mobility business of Greaves Cotton Limited. GEM has been in the business of EV
technology, designing and manufacturing electric vehicles for the past 13 years. With a strong
base of over 1.5 lakh customers backed by comprehensive EV ecosystem support from Greaves,
Greaves Electric Mobility is pushing boundaries to create an affordable & sustainable ecosystem
for uninterrupted clean last-mile mobility solutions in the country. GEM has a strong presence
in both electric 2-wheelers and electric 3-wheelers segments. Under electric 2-wheelers, Ampere
is the fastest growing e-scooter brand in the country with a strong presence in both B2C and B2B
segments while Bestway with ELE brand (e-rickshaw) and MRL Auto with Teja brand (e-autos) are
the other two fast growing businesses in the electric 3-wheelers segment.
For more information, please visit: https://amperevehicles.com/ , https://ele3w.com/ , https://tejavehicles.com/
Greaves Cotton Limited is a diversified
multi-product and multi-location engineering company with a rich legacy and brand trust of over
163 years and has established itself as a key player impacting a billion lives every day. The
Company today manufactures world-class products and solutions under various business units and
is backed by comprehensive support from Greaves Retail Centers and smaller spare parts retail
outlets across the country.
For more information visit- www.greavescotton.com Greaves Cotton Limited, (CIN – L99999MH1922PLC000987) Unit No. 701, 7th Floor, Tower 3 Equinox Business Park, LBS Marg, Kurla West, Mumbai 400070. +91-022-41711700 [email protected]
Founded in 1945, and celebrating its 75th
Anniversary in 2020, Abdul Latif Jameel is a private family-owned global investor and
diversified business with interests that include investments, transportation and mobility,
financial services, land and real estate, energy, and environmental services, health, consumer
products, and advertising and media. The business has an operational presence in around 30
countries on six continents and employs some 11,000 people of over 40 nationalities. For more
information, please visit alj.com, jameel75.com, email [email protected]
For further inquiries on Abdul Latif Jameel, feel free to reach out to our communications team
on [email protected] or on
+971 4 448 0906
لمزيد من المعلومات حول عبداللطيف جميل، يمكنكم التواصل عبر البريد اإللكتروني:
[email protected] :الرقم على أو+ 971 4 448 0906
“This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Greaves Cotton Ltd and its subsidiaries/ associates (“Greaves”). These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the related industries, increasing competition in and the conditions of the related industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Greaves, nor our Directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release.”
* US$ investment. INR amount is subject to change basis exchange rate on the closing date of the transaction.