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Ampere Vehicles, the E-Mobility arm of Greaves Cotton Limited and one of the leading players in electric mobility space has announced a strategic stake in L5 E-3W manufacturer, MLR Auto. For the initial acquisition, the company will acquire 26% stake in MLR through primary subscription, subject to completion of customary conditions and closing obligations, for consideration of INR 18,81,20,230 (Indian Rupees) Eighteen Crores Eighty One Lakhs Twenty Thousand Two Hundred Thirty.
Through this investment Ampere is responding to customer needs for cost competitive products which will enhance savings and transform drivers experience through emission free vehicles that are also noise free.
Commenting on this occasion, Mr. BVR Subbu, Chairman of Ampere Electric, observed, "Our market research and analysis suggests that in the top ten urban 3W markets, passenger vehicles will shift rapidly to EVs and by 2024, 100% of the segment will be electric. This comes from an overwhelming consumer preference for quieter emission free vehicles as consumer habits evolve, particularly those relating to the mobile consumption of data and entertainment. At Ampere, we are getting ready to participate in this high growth segment with a range of affordable and reliable products."
Speaking on this announcement, Mr. Nagesh A Basavanhalli, MD and Group CEO of Greaves Cotton and Director of Ampere Electric, mentioned, "With this strategic stake in MLR Auto, Ampere Electric gets ready to operate as full range last mile electric vehicle company with mass mobility solutions in both E-2W & E-3W segment. Our commitment to grow the clean last mile with wide variety of consumer friendly solutions continues to gather momentum."
Speaking on joining hands with Ampere, Mr Lokeswara Rao Mullapudi, Director MLR Auto stated, "We are excited to be part of the Ampere family as we both share a common vision to work towards sustainable and affordable mobility solutions. We are confident that our combined strengths will help achieve new milestones of growth in fast growing and promising space of electric vehicles."
Ampere is building a mega plant with the capacity to produce up to one million E-2W in phases. This investment will not only give India access to sustainable transportation options, but it'll also create new jobs and revitalize communities near Ampere's factory in Ranipet, Tamil Nadu where they are commiting to invest over INR 700 Cr.
Ampere Electric backed by Greaves has been one of the fastest growing brands with comprehensive EV ecosystem support developed to cater for the needs of discerning electric vehicle buyers. Besides energy efficient products, Ampere have invested in complete aftermarket support and retail financing solutions through tie-ups from various partners. Recently announcing 500 exclusive touchpoints across their E-2W & E3w network, Ampere now has a retail footprint spanning nearly 6500 points that offer a solid foundation on which 12000 mechanics can operate meaningfully as well as providing customers access to multi-brand sales, service & mobility enablement solutions.
The company accelerates pace of electrification in the mass mobility segment and stands to gain from a host of incentives under Fame-II subsidy with the added advantage of various stage government incentives. Clean mobility alternatives with zero emissions based solutions will significantly cut carbon load, improving air quality, reduce pollution related disorders and make cities much better to live in the long run.
Thoughts on Ampere Acquiring Stake in MLR Auto
In order to stay competitive in the hyper-competitive automotive industry, some auto manufacturers are pursuing electric vehicles aggressively. With a range of incentives from government subsidies such as Fame II, automakers have an added incentive to expand their fleet with cleaner vehicles that produce zero emissions. This will not only benefit motorists but also improve air quality and make cities more livable by reducing pollution related disorders. Your thoughts?