Greaves Electric gets Rs 1,700 crore from global investor

MUMBAI: Abdul Latif Jameel, an independent, family-owned, diversified global investor and operator has announced its commitment to invest in Greaves Electric Mobility, one of India’s leading two-to-three-wheeler mobility players.

Abdul Latif Jameel has committed to invest up to $220 million (Rs 1,700 cr) in Greaves Electric Mobility, marking one of the largest investments in the Indian two-to-three-wheeler space to date.

Abdul Latif Jameel will initially invest $150 million (Rs 1,160 cr] for a 35.8% fully diluted stake in the company making it the second-largest shareholder in Greaves Electric Mobility.

Greaves Electric Mobility is a subsidiary of one of India’s leading diversified engineering businesses, Greaves Cotton. The company has emerged as one of the fast-growing EV brands in the country, with retail sales of Greaves Electric Mobility standing at over 62,000 vehicles for the financial year 2022, which is a 128% increase from the previous year. This venture is anticipated to accelerate Greaves Electric Mobility’s transition into the next phase of growth. In addition, it will also help in enhancing the competitiveness of the company in terms of product and market reach.

India is 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. Hassan Jameel, Dy President and VC, Abdul Latif Jameel, said: “This agreement aligns with our strategic priority of investing in mobility of the future, in addition to showcasing our commitment to making Greaves Electric Mobility competitive and its EV products available to communities in India and potentially other markets in the global south.”

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