Greaves Electric Mobility secures investment worth $220 million from Abdul Latif Jameel
Independent, family-owned, diversified global investor and operator, Abdul Latif Jameel has announced its commitment to invest $220 million (Rs 1,700 crore) in Greaves Electric Mobility.
This is believed to be one of the largest investments in the Indian two-to-three-wheeler space to date.
As part of the understanding, Abdul Latif Jameel will primarily invest $150 million [Rs 1,160 crores] for a 35.8 percent fully diluted stake in the company making it the second-largest shareholder in Greaves Electric Mobility, a subsidiary of diversified engineering businesses, Greaves Cotton.
This will help fast-track Greaves Electric Mobility's transition into the next phase of growth. In addition, it will also help in enhancing the competitiveness of the company in terms of product and market reach.
Greaves Electric Mobility states it will deploy the funds towards new product development, associated technologies, brand building, and enhancing manufacturing capacity.
India is at present the world's fourth-largest automotive market where the share of EVs in the two-wheeler and three-wheeler segments are expected to increase significantly. Unlike passenger cars, these segments are less dependent on commercial charging infrastructure.
Through this strategic investment, the partners plan to align in transforming Greaves Electric Mobility into a significant electric two-to-three-wheeler mobility player in India, with the potential to expand its portfolio to other markets in the Global South.
Hassan Jameel, deputy president, and vice-chairman, Abdul Latif Jameel stated: "At Abdul Latif Jameel, we are proud to be investing in Greaves Electric Mobility at such a critical time for India's EV market. Together, we are embarking on a long-term journey to deliver cleaner, more sustainable – and crucially affordable – transport options to India's population, and beyond. This agreement aligns with our strategic priority of investing in the 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."
The venture builds on Abdul Latif Jameel's extensive global experience in the automotive market as 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 US electric vehicle manufacturer Rivian.
Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton stated: "This investment from Abdul Latif Jameel is an important step towards clean, sustainable, and affordable mobility solutions truly accessible to a much wider customer base. Through sheer hard work, innovation, and seizing opportunities presented by changing personal mobility preferences, we have emerged as one of India's fast-growing EV brands. With this investment, we will continue to deliver tangible value to our customers and shareholders alike"
