Greaves Electric Mobility acquires 100% stake in e-rickshaw company Bestway
New Delhi, October 23, 2021
Greaves Electric Mobility, the e-mobility arm of Greaves Cotton Limited and one of the leading players in the E-2W and E-3W segment, announced on Friday the 100 per cent acquisition of Bestway Agencies Pvt. Ltd. (BAPL), which sells e-rickshaws under the ELE brand.
Last year in July, the company first announced its intervention with Bestway with 74% stake and added e-rickshaw as part of the portfolio offerings.
"With significant quarter-on-quarter growth, owing to the increase in petrol prices and people seeking it as the form of livelihood, Greaves has experienced much appreciation from customers and channel partners after adding ELE to their family. As per declared results, ELE e-rickshaws have seen tremendous growth over last year," a press release from the company said.
“With this strategic acquisition, we have strengthened our position to become one of largest players now catering to 85% of the last mile mobility segment. We continue to mobilize India ahead, generate gainful employment for e3W users seeking sustainable livelihood opportunities and thus contribute towards building the nation responsibly,” said Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton.
According to the release, e-rickshaw is one of the largest and fastest-growing categories of electric vehicles in India and offers sustainable, reliable, noise-free and most important cost-effective mobility to customers. It also increases the daily earning potential of the drivers – migrants, unemployed youth with pride and dignity.
According to a recent study by the Council on Energy, Environment and Water at Centre for Energy Finance (CEEW-CEF), there has been a consistent increase in the sales of E2W and E3W; showcasing increasing demand with better awareness and acceptance.
The release said the company has stepped up efforts to design and develop customer friendly products and solutions with increased localization content. This is part of Greaves' overall #MovingBillionsWithGreaves initiative and their vision to support the Government’s Make-In-India initiative, it added.