Greaves Electric Mobility Ltd (GEML), the electric mobility arm of Greaves Cotton Ltd, has raised ₹530 crore through a fully subscribed rights issue, with existing shareholders—including Greaves Cotton Ltd (GCL) and Abdul Latif Jameel Green Mobility Solutions (ALJ)—participating in proportion to their shareholding.
The fresh capital will be used to accelerate the company’s next phase of growth, with investments focused on next-generation electric vehicles, battery management systems (BMS), powertrains and new-age technology development.
The investment underscores the long-term commitment of GEML’s anchor shareholders and reinforces confidence in the company’s strategy as India’s electric mobility market moves towards mass adoption.
Focus on technology and product development
The capital infusion is expected to strengthen GEML’s electric two-wheeler and three-wheeler portfolio while enhancing its technology capabilities and manufacturing ecosystem.
The company said the funding will support innovation, expand its product pipeline and strengthen execution in an increasingly competitive EV market.
GEML, which operates the Ampere electric two-wheeler brand and Greaves 3 Wheelers, has been expanding its retail and service network while investing in engineering, manufacturing and customer experience.
IPO plans remain on hold
The company said it has decided not to avail itself of the SEBI extension for its proposed public issue at present. However, it reiterated its commitment to pursue a public listing at an appropriate time, subject to market conditions, regulatory approvals and other relevant considerations.
Strong balance sheet
Greaves Cotton Ltd Chairman Karan Thapar said the company’s strong balance sheet enables it to support organic growth while selectively investing in businesses with long-term potential.
“Our continued investment in Greaves Electric Mobility reflects our confidence in its strategic direction, execution capabilities and role in advancing India’s clean mobility transition. With its manufacturing footprint, engineering depth, expanding portfolio and focus on ‘Built for Bharat’, GEML is well placed to sustain its market-outperforming growth and create enduring value,” he said.
Greaves Electric Mobility Ltd Managing Director Vikas Singh said the full subscription of the rights issue reflects strong shareholder confidence in the company’s vision and execution.
“As India’s electric mobility market moves towards mass adoption, we remain focused on supporting the country’s clean mobility goals through differentiated products built for Bharat, stronger technology capabilities and reliable mobility solutions for our customers. This capital will help us accelerate innovation and further strengthen our product pipeline,” he said.
Riding on EV momentum
The investment comes at a time when Greaves Electric Mobility says it is delivering industry-leading growth across both the electric two-wheeler and three-wheeler segments. The company remains focused on democratising smart and sustainable mobility through products tailored for Indian consumers while expanding its presence across the country