Greaves acquires 100 pc stake in Bestway

Greaves Electric Mobility, the e-mobility arm of Greaves Cotton, on October 22 announced 100 per cent acquisition of Bestway Agencies Pvt. Ltd. (BAPL) which sells e-rickshaws under Ele brand.

On October 25, the company announced completion of its acquisition of 26 per cent stake in electric-3W manufacturer MLR Auto.

In July last year, the company had announced its intervention in Bestway with 74 pc stake and added e-rickshaw as part of its portfolio offerings.

“With this strategic acquisition, we have strengthened our position to become one of the largest players now catering to 85 pc of the last-mile mobility segment,” said Mr. Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton.