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Greaves Cotton

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Greaves Cotton Limited
Company typePublic
Industry
    • Engineering
    • Manufacturing
Founded1859 Edit this on Wikidata
Headquarters
Mumbai, Maharashtra, India
Number of locations
    • Mumbai
    • Pune
    • Aurangabad
    • Chennai
Area served
India
Key people
    • Nagesh Basavanhalli
      (Non Executive Vice Chairman)
    • Arup Basu
      (Managing Director)[1]
    • Akhila Balachandar (CFO)[2]
Products
    • Engines
    • Electric Vehicles
    • Farm Equipment
    • Spare Parts
    • Auxiliary Power
    • Control Systems
Websitegreavescotton.com

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).[3][4] 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.[5]

History

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The company was founded in 1859 by James Greaves and George Cotton. It was incorporated in 1922 as a private limited company.[6] Greaves Cotton was purchased by Lala Karam Chand Thapar of the Thapar Group in 1947.[7] It was converted into a public limited company in 1950.[6]

In FY2013, the company reported a growth of 6.84% with ₹1,873 crore compared to FY2012 with ₹1,753 crore.[8]

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.[9] In FY2019, the company reported a growth of 11% with ₹1,988 crore as compared to last year with ₹1,790 crore.[10]

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.[11]

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.[12]

In Aug 2023, Greaves Retail, a part of the group, launched a range of batteries for an e-rickshaw named Power Raja.[13] 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.[14]

Products

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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.[15]

Greaves Cotton group companies

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  • Greaves Electric Mobility - designing and manufacturing of two and three wheelers electric vehicles
  • Greaves Finance Limited - financing solutions for electric vehicles
  • Greaves Retail and Distribution - retail and servicing for e3W, ICE 3W, and SCV
  • Greaves Technologies Limited - engineering research and development and digital services
  • Greaves Engineering - fuel agnostic powertrain solutions (auto and non-auto)

Investments and acquisitions

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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.[17] Greaves Cotton wholly owned the Coimbatore-based electric vehicle manufacturer Ampere Electric Vehicles. The acquisition marked the entry into the ever-booming EV industry.[18]

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.[19][20]

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.[21] The acquisition will cost ₹385 crore and it will be completed in four phases.[22]

Partnership

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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.[23][24]

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.[25]

References

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  1. ^ Vijay M, Amit. "EV sales could fall by over 50% if FAME subsidy not extended, says Corporate India". Autocarpro.in. Autocarpro. Retrieved 16 January 2024.
  2. ^ Wadhwa, Nilesh (5 September 2023). ""I think for India the real opportunity is in the China plus one strategy," says Greaves Cotton's Akhila Balachandar". Financialexpress.com. Financial Express. Retrieved 21 December 2023.
  3. ^ Mudholkar, Niranjan (15 November 2019). "In the right direction". Themachinist.in. Retrieved 21 December 2023.
  4. ^ Sachdev, Alisha (31 May 2023). "Greaves diversifies business as e-mobility drives revenue". mint. Retrieved 16 February 2024.
  5. ^ Ahmed, Aroosa (1 October 2023). "Greaves Retail to expand overseas presence". BusinessLine. Retrieved 21 December 2023.
  6. ^ a b "The Economic Times". economictimes.indiatimes.com. Retrieved 21 February 2017.
  7. ^ "Milestones". Greaves Cotton Ltd. Retrieved 13 July 2013.
  8. ^ "Greaves Cotton foresees subdued biz for 3-4 quarters". Deccan Herald. Retrieved 21 December 2023.
  9. ^ "Greaves Cotton launches high speed e-scooter Ampere Zeal". The Hindu. 28 May 2019. ISSN 0971-751X. Retrieved 21 December 2023.
  10. ^ Panday, Amit (27 May 2019). "Greaves Cotton to foray into electric vehicle battery manufacturing". mint. Retrieved 21 December 2023.
  11. ^ James, Nandana (12 February 2021). "Greaves Cotton to continue investments towards diversification: Group CEO & MD". BusinessLine. Retrieved 21 December 2023.
  12. ^ Bhatia, Shubhangi (29 September 2021). "Greaves Cotton looking for investors to scale up e-mobility biz - ET Auto". ETAuto.com. Retrieved 21 December 2023.
  13. ^ "Greaves Cotton gains on launch of new e-rickshaw batteries". Moneycontrol. 29 August 2023. Retrieved 21 December 2023.
  14. ^ Sachdev, Alisha (31 May 2023). "Greaves diversifies business as e-mobility drives revenue". mint. Retrieved 21 December 2023.
  15. ^ Mukherjee, Sharmistha (24 January 2024). "Excel Controlinkage targets trebling revenues to Rs 500 crore". The Economic Times. ISSN 0013-0389. Retrieved 6 February 2024.
  16. ^ Ahmed, Aroosa (1 October 2023). "Greaves Retail to expand overseas presence". BusinessLine. Retrieved 21 December 2023.
  17. ^ Panday, Amit (15 July 2019). "Greaves Cotton hikes stake in EVs maker Ampere Vehicles to 81.23%". mint. Retrieved 21 December 2023.
  18. ^ "Ampere Vehicles & Greaves Cotton Parents Innovation". Ampere Electric Vehicles. 14 January 2020. Retrieved 29 January 2020.
  19. ^ Baggonkar, Swaraj (24 June 2021). "Greaves Cotton looks to launch high-speed electric two-wheelers in two years". Moneycontrol. Retrieved 21 December 2023.
  20. ^ Mishra, Lalatendu (2 October 2021). "Goal is to create ecosystem for EVs: Greaves Cotton MD". The Hindu. ISSN 0971-751X. Retrieved 21 December 2023.
  21. ^ Mishra, Lalatendu (8 April 2023). "Greaves Cotton Ltd., enters agreement to acquire Excel Controlinkage". The Hindu. ISSN 0971-751X. Retrieved 21 December 2023.
  22. ^ Bureau, BL Mumbai (8 April 2023). "Greaves Cotton to acquire Excel ControLinkage for Rs 385 cr". BusinessLine. Retrieved 21 December 2023. {{cite web}}: |last= has generic name (help)
  23. ^ "Greaves Cotton prepares for new mobility landscape". BusinessLine. 14 December 2017. Retrieved 21 December 2023.
  24. ^ "Greaves Cotton rises after tie up with Altigreen Propulsion Labs". Business-standard.com. 4 October 2017. Retrieved 21 December 2023.
  25. ^ Sen Gupta, Nandini (27 January 2023). "Greaves Cotton ties up with UK firm Eta Green Power for electric drive system". The Times of India. ISSN 0971-8257. Retrieved 21 December 2023.
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