Greaves Cotton EV Subsidiary GEL Fully Subscribes Rs 530 Cr Rights Issue
Greaves Cotton Limited Has announced that its electric mobility business, Greaves Electric Mobility Limited (GEL), has successfully completed a capital infusion of Rs 530 crore through a fully subscribed Rights Issue. The investment was backed entirely by existing anchor shareholders, including Greaves Cotton Limited and Abdul Latin Jamel Green Mobility Solutions (ALJ), in proportion to their shareholding pattern.
Key Highlights of the Rights Issue
- Total Capital Raised: INR 530 Crore via a fully subscribed rights issue.
- Key Investors: Greaves Cotton Limited and Abdul Latin Jamel Green Mobility Solutions (ALJ).
- Target Segments: Portfolio expansion for electric two-wheelers and three-wheelers under brands Ampere and Greaves 3 Wheelers.
- IPO Pipeline: GEL stated it remains committed to pursuing a public listing at an appropriate time, subject to market conditions and regulatory approvals.
Strategic Allocation of Funds
The fresh equity capital will power GEL’s next growth phase, focusing heavily on technology depth and product innovation. Specific areas targeted for development include:
- Next-Generation Products: Enhancing the pipeline for EV two-wheelers and commercial three-wheelers.
- Proprietary Technology Stack: In-house research and engineering for Battery Management Systems (BMS) and advanced power trains.
- Network & Infrastructure: Deepening retail footprint and customer service networks across urban and regional Indian markets.
Commenting on the announcement, Karan Tatar, Chairman of Greaves Cotton Limited, emphasized that GCL’s strong balance sheet supports organic expansion and selective strategic investments. He highlighted that GEL’s expanding engineering and manufacturing capabilities position it well to sustain outperforming growth in India’s clean mobility transition.