Greaves Cotton unit to acquire stake in 3-wheeler maker MLR

Greaves Cotton unit to acquire stake in 3-wheeler maker MLR

Aug 13, 2021 04:08 IST capital market

Greaves Cotton announced that its wholly owned subsidiary, Ampere Vehicles has signed definitive agreements on 13 August 2021, to make investment in MLR Auto. The acquisition shall be subject to completion of customary closing and other conditions agreed between the parties.

The acquisition enables Ampere to expand its last mile mobility product portfolio and offer L5 3W to its retail and B2B customers.

Initial acquisition of 26% of the Equity Share capital on fully diluted basis to be completed on or before 12 November, 2021 subject to completion of customary closing conditions.

The Company will have the right (not an obligation) to increase its shareholding by another 25% (fully diluted basis) within a period of 12 months from the date of closing of the initial acquisition of 26%.

MLR established in February 2009, is in the business that includes design, development, manufacture, marketing, and sale of L5 three-wheelers as described by the standards prescribed by Automotive Research Association of India.

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