Ampere buys 26 pc stake in MLR Auto

Initially, it will acquire 26% stake in MLR through primary subscription, subject to completion of customary conditions and closing obligations, for consideration of Rs 18,81,20,230 cr. 

The investment reflects Ampere’s agility and commitment in responding to emerging needs of its 3W customers for disruptive cost economics products that enhance daily savings and transform ease of driving with emission free and noise free vehicles. BVR Subbu, Chairman, Ampere Electric, observed, “Our market research and analysis suggests 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, especially mobile, entertainment.”