SME Times News Bureau | 07 Jul, 2020
Greaves Cotton's electric
mobility subsidiary Ampere Vehicles has acquired Noida based E-3Wheeler
company Bestway Agencies, subject to customary closing conditions.
According
to Ampere, this acquisition will expand its presence in the fast
disrupting E-Rickshaw segment. Presently they are one of the largest and
fastest growing category of electric vehicles in India.
Bestway sells E-Rickshaws under the ELE brand name.
The
company said that Beltway's ELE E-Rickshaw has been one of the top 3
brands in this organised segment in the high growth markets of eastern
India and eastern UP.
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.
Besides the 'B2C' segment, this acquisition will
enable Ampere to offer a complete product portfolio to its B2B customers
who have requirements for E-3W as well.
"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,"
said Nagesh Basavanhalli, MD & CEO of Greaves Cotton and Director,
Ampere Vehicles.
