Greaves Electric Mobility Pvt. Ltd., the e-mobility arm of Greaves Cotton Limited, has announced the completion of its acquisition of 26% stake in electric-3 wheeler manufacturer, MLR Auto Ltd.
P Sanjeev, Executive Director, MLR Auto, said, “We are now prepared to compete in the e3W sector of cargo and passenger transportation in the commercial clean mobility space through the acquisition of MLR Auto Ltd. We anticipate an increase in consumer demand and logistics requirements because of low-cost delivery demand for e- commerce, institutional needs and municipal sales. The acquisition is aligned with our objective to expand clean last-mile mobility.”
The company said in a statement, “With this strategic acquisition, Greaves e-mobility has strengthened its position to become one of largest player now catering to 85% of the last mile mobility segment. The company has seen significant growth across all its brands with comprehensive EV ecosystem support developed to cater the growing needs of discerning EV buyers. Besides energy efficient products, the company has invested in complete aftermarket support, retail financing solutions with tie-ups from various partners. Greaves now has an unparalleled retail footprint of nearly 7,000 touchpoints; solid support of 12,000 mechanics and a comprehensive Greaves Retail network backed by multi-brand sales, service and mobility enablement solutions.”
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