In one of the largest single tranche growth capital investments in the Indian E2W / E3W Sector, global investor Abdul Latif Jameel will make an initial investment of US$ 150 million [INR 1160 Crores] for a 35.8% stake on a fully diluted basis in Greaves Electric Mobility. The proceeds from this investment will be used to develop new products and associated technologies, aiming to transform Greaves Electric Mobility into a leading global EV manufacturer.
Greaves Electric Mobility will hold the option to draw down an additional investment of US$ 70 million within 12 months. Greaves Cotton retains a majority position Post money equity value for Greaves Electric Mobility of US$ 419 million [INR 3238 Crores].
The Board of Directors of the respective companies have approved the transaction which is subject to legal, regulatory, contractual and customary approvals and the completion of agreed conditions set out in the Agreements.
Founed in 1945, the Abdul Latif Jameel group has diversified business interests. The business has an operational presence in around 30 countries on six continents and employs some11,000 people. In the automotive space, Abdul Latif Jameel is one of the leading independent distributors of Toyota products for over 65 years. The Jameel family, who own Abdul Latif Jameel, are also early-stage investors and the third-largest shareholder of Rivian, the US based electric vehicle manufacturer. The Family are also investors in aerospace company Joby Aviation through their global investment arm JIMCO.
Greaves Electric Mobility (e-mobility business of Greaves Cotton) manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (E-Auto and E-Rickshaw) under the brands Ele (e-rickshaw from Bestway) and Teja (e-auto from MRL Auto)
Mr. Hassan Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, commented: “ This agreement aligns with our strategic priority of investing in mobility of the future, in addition to showcasing our joint 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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