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Greaves Electric Mobility secures 100 percent stake in Bestway, e-3W company

ELE e-3W (Source: Bestway Agencies (P) Ltd)

The E-mobility arm of Greaves Cotton Limited, Greaves Electric Mobility has announced 100 percent procurement of Bestway Agencies (BAPL), which sells e-rickshaws under the ELE brand.

In July 2020, the company first announced its intervention with Bestway with a 74 percent stake and added e-rickshaw as part of the portfolio offerings. With substantial quarter-on-quarter growth, owning to the increase in petrol prices, and people seeking it as the form of livelihood; Greaves has experienced much appreciation from customers & channel partners after adding ELE to their family. As per declared results, ELE E-rickshaws has seen tremendous growth over the last year.

"With this strategic acquisition, we have strengthened our position to become one of largest players now catering to 85 percent of the last mile mobility segment. We continue to mobilize India ahead, generate gainful employment for e-3W users seeking sustainable livelihood opportunities & thus contribute towards building the nation responsibly," said Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton. 

Author : Moulin Oza
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