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Ampere Electric Acquires Stake In MLR Auto

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  • The company said that the investment in MLR Auto reflects its agility and commitment to responding to the emerging needs of its 3W customers for disruptive and cost effective products
  • Recently, the company said that it has announced phased investment potential of Rs 700 crore over 10 years to set up an e-mobility manufacturing plant in Ranipet, Tamil Nadu
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Pic Source – Wallpaper Flare

Ampere Vehicles, the e-mobility arm of Greaves Cotton Limited has announced that it has acquired a strategic stake in L5 e-3W manufacturer, MLR Auto.The company said that the investment in MLR Auto reflects its agility and commitment to responding to the emerging needs of its 3W customers for disruptive and cost effective products that enhance daily savings and transform ease of driving with emission-free and noise-free vehicles.

BVR Subbu, chairman of Ampere Electric, said that the company’s market research and analysis suggests that in the top ten urban 3W markets, passenger vehicles will shift rapidly to EVs and by 2024, 100 per cent of the segment will be electric. This comes from an overwhelming consumer preference for quieter emission-free vehicles as consumer habits evolve, particularly those relating to the mobile consumption of data and entertainment.

Nagesh A Basavanhalli, director, Ampere Electric, said, “With this strategic stake in MLR Auto, Ampere Electric gets ready to operate as a full range last mile electric vehicle company with mass mobility solutions in both E-2W & E-3W segment. Our commitment to grow the clean last mile with a wide variety of consumer friendly solutions continues to gather momentum.”

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Recently, the company said that it has announced phased investment potential of Rs 700 crore over 10 years to set up an e-mobility manufacturing plant in Ranipet, Tamil Nadu. A Memorandum of Understanding (MoU) to this effect was signed by the company, with the Government of Tamil Nadu.

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