Greaves Cotton’s electric mobility subsidiary Ampere Vehicles has acquired Noida based E-3Wheeler company Bestway Agencies, subject to customary closing conditions.
According to Ampere, this acquisition will expand its presence in the fast disrupting E-Rickshaw segment. Presently they are one of the largest and fastest-growing categories of electric vehicles in India.
Bestway sells E-Rickshaws under the ELE brand name.
The company said that Beltway’s ELE E-Rickshaw has been one of the top 3 brands in this organised segment in the high growth markets of eastern India and eastern UP.
The company foresees rapid growth in this segment as affordable mobility needs expand in the country and as post-Covid thrust towards employment generation increases at bottom of the pyramid.
Besides the ‘B2C’ segment, this acquisition will enable Ampere to offer a complete product portfolio to its B2B customers who have requirements for E-3W as well.
“Combining Ampere’s and Bestway’s expertise will help in further boosting company’s growth and strengthen market positioning as leading E-Mobility business in India,” said Nagesh Basavanhalli, MD & CEO of Greaves Cotton and Director, Ampere Vehicles.