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In an interaction with PTI, Greaves Cotton Managing Director and Group CEO Nagesh Basavanhalli said that Greaves Electric Mobility is working on new products, both in two and three-wheeler segments, including on high-speed electric scooters, and may launch a few of them by the fiscal-end.
The Saudi Arabia-based family-owned diversified business Abdul Latif Jameel, which has presence across 30-odd countries, announced in June this year its commitment to invest USD 220-million in the Cotton Greaves’ subsidiary.
As part of the deal, it has initially invested USD 150-million (Rs 1,171-crore) for a 35.80 per cent stake in Greaves Electric Mobility.
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Greaves Electric Mobility manufactures two-wheelers under the Ampere brand while three-wheelers, e-auto and e-rickshaws, are produced under the Ele and the Teja brands.
“We are exploring export opportunities for our two-wheeler (Ampere) brand. We are still discussing it internally but exports definitely are on our mind,” Basavanhalli told PTI.
“Our partner (Abdul Jamil Latif) has presence across 32 countries and strong partnership globally with certain other global marquee companies. That brings us incremental strength to go to these markets,” he said.
He said that the company is expected to have a roadmap on its exports plans by the end of this financial year.
Greaves Cotton opened its EV manufacturing facility at Ranipet (Tamil Nadu) in November last year with a capacity to cater to 10 lakh vehicles per annum in the near future. The company has positioned it as its EV hub for both domestic and international market requirements.
The company’s e-mobility business accounted for 43 per cent of the company’s topline of Rs 660 crore in the first quarter of FY23 with volumes growing by 1,274 per cent year-on-year at 29,577 units during the period.
Basavanhalli said that the fresh capital infusion of Rs 1,171-crore will help the company in expanding its capability, product portfolio, market reach and acquiring new technology.“We will expand the product portfolio in both two and three-wheeler segments along with the dealership expansion. In the electric scooter, some of the new products will focus on high-speed and slightly more premium,” he said. These will be completely home grown, designed and manufactured products, Basavanhalli added. Ampere currently offers two scooter models-Magnus EX and Reo Plus. As part of its overall growth plans, Greaves Cotton is open to avail further acquisition opportunities, especially in the forward looking businesses, he said. “We are open for inorganic growth as well, especially in the areas of forward looking businesses as and when we see related opportunities, which are forward looking, are the sunrise industries and in the areas we operate,” Basavanhalli said. “Moreover, now we also have cash in hand to make that happen. So as and when we get the right opportunity and the board agrees, we will do that, he stated.