Greaves Cotton's e-mobility arm acquires 100% of Bestway Agencies to sell E-Rickshaws

Last year in July, the company first announced their intervention with Bestway with 74% stake and added e-rickshaw as part of the portfolio offerings.

Oct 25, 2021 05:10 IST India Infoline News Service

Greaves Cotton
Greaves Cotton's e-mobility arm, Greaves Electric Mobility announced a 100% acquisition of Bestway Agencies Pvt. Ltd. (BAPL) which sells E-Rickshaws under the popular ELE brand.

“With this strategic acquisition, we have strengthened our position to become one of largest player now catering to 85% of the last mile mobility segment. We continue to mobilize India ahead, generate gainful employment for e3W users seeking sustainable livelihood opportunities & thus contribute towards building the nation responsibly.” said Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton.

Last year in July, the company first announced their intervention with Bestway with 74% stake and added e-rickshaw as part of the portfolio offerings. With significant 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 last year.

E-Rickshaw is one of the largest and fastest-growing categories of electric vehicles in India and offers sustainable, reliable, noise-free and most important cost-effective mobility to customers. It also increases daily earning potential of the drivers – migrants, unemployed youth with pride & dignity. According to a recent study by, Centre for Energy Finance at Council on Energy, Environment and Water at Centre for Energy Finance (CEEW-CEF), there has been a consistent increase in the sales of E2W and E3W; showcasing increasing demand with better awareness and acceptance.

The company has stepped up efforts to design & develop customer friendly products & solutions with increased localization content. This is part of Greaves overall #MovingBillionsWithGreaves initiative and their vision to support the Government’s Make-In-India initiative.

On Sensex, Greaves Cotton finished at Rs133.45 per piece up 0.7%. 

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