Abdul Latif Jameel commits to invest INR 1700 crores in Greaves Electric Mobility
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Greaves Mobility allots 35.8% shares to Abdul Latif Jameel.

Earlier this month, Greaves Mobility announced that diversified global investor Abdul Latif Jameel has committed to invest ₹ 1171 crores in Greaves Electric Mobility.

Greaves Electric Mobility Private Limited, a subsidiary of Greaves Cotton Limited, announced the completion of allotment of equity shares to Abdul Latif Jameel, an independent, family-owned, diversified global investor, and operator, following the announcement made in early June.

Greaves Electric Mobility has allotted 68,35,450 equity shares of the face value of ₹10, each, representing 35.80% shareholding in the Company on a fully diluted basis, to ALJ.

Following the allotment, the Company continues to be a subsidiary of Greaves Cotton Limited. The resultant shareholding of Greaves Cotton Limited in the Company on a fully diluted basis is now 61.38%.

Greaves Electric Mobility announced this deal on June 2, 2023. Abdul Latif Jameel invested ₹ 1100 crores initially for a 35.8% stake. Greaves also has an option to draw down an additional investment of ₹600 crores within 12 months. This investment is one of the largest single tranche growth capital investments in the Indian electric two/three-wheeler Sector.

Greaves Electric Mobility manufactures electric two-wheelers under the brand Ampere Vehicles and three-wheeler vehicles under the brands Ele and Teja. The investment aims to support Greaves Electric Mobility’s transition into the next growth phase. It will use the investment to develop new products and associated technologies and brand awareness to transform the Company into a leading global EV manufacturer.

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