Engineering company Greaves Cotton, which manufactures and supplies automotive engines to Piaggio amongst other companies, on Monday invested Rs 16 crore in electric two-wheeler maker Ampere Vehicles, increasing its stake in the latter to 81.23% from 72.11%.
The investment comes close on the heels of the Rs 22.5 crore investment made by Greaves into Ampere on 10 July that saw the former’s stake in Ampere increase to 72.11% from 67.34%. So far, the engineering company has invested Rs 120.5 crore in Ampere.
“Ampere is a pure-play EV company and a fast-growing player in the last mile personal mobility segment… We aspire to be a complete auto ecosystem player and focused on building a wide portfolio of fuel agnostic & affordable last mile products & services,” said Nagesh Basavanhalli, managing director of Greaves Cotton Limited.
Greaves Cotton had first acquired a controlling stake in Ampere in October 2018.
The trend is in line with leading manufacturers in the automotive space investing in upcoming electric vehicle technology companies to protect their business interests in the face of the government promoting the adoption of electric vehicles.
