| Greaves Cotton Limited | |
| Type: | Public |
| Location City: | Mumbai, Maharashtra, India |
| Area Served: | India |
Greaves Cotton Ltd. is an Indian conglomerate engineering company that manufactures clean technology powertrain products for petrol, diesel and CNG engines and heavy equipment (automotive and non-automotive).[1] [2] The company is traded on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
The company had 200 distributors, a total of 8,000 retail stores and 20,000 mechanics present all over India in October 2023.[3]
The company was founded in 1859 by James Greaves and George Cotton. It was incorporated in 1922 as a private limited company.[4] Greaves Cotton was purchased by Lala Karam Chand Thapar of the Thapar Group in 1947.[5] It was converted into a public limited company in 1950.
In FY2013, the company reported a growth of 6.84% with ₹1,873 crore compared to FY2012 with ₹1,753 crore.[6]
In May 2019, the company launched a high-speed electric scooter named Ampere Zeal that meets the specifications of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II policy of the Indian government. The e-scooter Zeal has a top speed of 55 kmph and a range of 75 km on a one-time charge of 5.5 hours.[7] In FY2019, the company reported a growth of 11% with ₹1,988 crore as compared to last year with ₹1,790 crore.[8]
In Dec 2020, due to Indian government emission norms from BS4 to BS6, the company shut down its Ranipet, Tamil Nadu plant as part of its exercise for consolidation of plants and shifted all the operations to the Aurangabad plant.[9]
In Sep 2021, the company launched its first multi-brand electric vehicle (EV) retail store named AutoEVmart in Bengaluru with 8,000 sqft space which has e-vehicles, retrofitted accessories and after-sales for electric car experience.[10]
In Aug 2023, Greaves Retail, a part of the group, launched a range of batteries for an e-rickshaw named Power Raja.[11] In FY2023, Greaves Electric Mobility (GEM), a part of the group solely earned revenue from ₹2,700 crores contributing 42% of its total revenue that was ₹6,429 crore.[12]
The company produces powertrains for diesel, petrol, kerosene and gasoline engines, diesel pump sets, gensets, farm equipment, e-mobility and aftermarket spares and services. It supplies mechanical and electronic motion control systems.[13]
In Oct 2018, the group first invested ₹77 crore in Coimbatore-based electric vehicle (EV) manufacturer Ampere Vehicles by acquiring a 67.34% stake. Within a year, the company again invested ₹38.49 crore and increased the stakes to 81.23% in Jul 2019.[15] Greaves Cotton wholly owned the Coimbatore-based electric vehicle manufacturer Ampere Electric Vehicles. The acquisition marked the entry into the ever-booming EV industry.[16]
In Jun 2021, the company signed an MoU with the Tamil Nadu government to invest about ₹700 crore over ten years for a plant with an annual capacity of 1 million units, with the initial production capacity being 1 lakh units per annum.[17] [18]
In Feb 2023, the company announced the agreement by signing the binding terms to acquire a 100% stake through multiple tranches in Excel ControLinkage Pvt. Ltd.[19] The acquisition will cost ₹385 crore and it will be completed in four phases.[20]
In Oct 2017, the group company strategically partnered with US and Bengaluru-based start-up company Altigreen Propulsion Labs to provide a range of clean energy powertrain solutions for three-wheeler and micro four-wheeler commercial vehicles.[21] [22]
In Jan 2023, the group company partnered with UK-based electric drive system design company Eta Green Power to share the rights of their technology in the Indian two and three-wheeler segment.[23]