Greaves Cotton Limited commonly known as Greaves is one of the leading and diversified engineering companies in India with a rich legacy and brand trust of many years impacting a million lives every day. Greaves is a market leader in fuel-agnostic powertrain solutions and manufactures Cleantech powertrains for CNG, Petrol, and Diesel segments.
Greaves Cotton acquired Ampere in 2018 and now holds an 81.2% stake. Through its subsidiary Ampere, Greaves has signed an MOU with Tamil Nadu Government to set up an e-mobility manufacturing facility at Ranipet, with a proposed investment plan of Rs. 700 cr to build capacityof producing one million e-2Ws in a phased manner over a period of 10 years. The plant is expected to be operational in FY2021 with an initial installed capacity of 100000 units of e-2Ws.
The company is well positioned to benefit from the government’s push towards fast adoption of electric vehicles (EVs). Besides, incentives under FAME-II (Faster Adoption and Manufacturing of EVs) scheme, and the government’s ‘Go Electric’ media campaign to spread awareness of the benefits of e-mobility and EV charging infrastructure. Further, the FAME-II scheme is focussed on E-2Ws and E-3Ws, with 52% subsidies provided under the scheme that will benefit Greaves Cotton.