Since the past few years, the trend of electric mobility is catching the eyes of many players in the automobile industry. As the Indian government is also emphasizing on encouraging the use of electric vehicles or EV, players from the industry are coming up to join the bandwagon.
The new name in this series is Greaves Cotton Limited. The company has registered an annual growth of 11 percent in the last two years and is expecting to grow its business by getting in line with the ongoing trend of e-mobility, as told by a top company official. The company is working towards developing e-vehicles to take its automotive sector to new heights.
The company has recently acquired electric vehicle manufacturer Ampere Vehicles and is looking forward to penetrating key metros across the country as part of its last-mile connectivity initiative. Commenting on the vision of taking the e-mobility route, Nagesh Basavanhalli, MD and CEO, Greaves Cotton Limited, says, "We have undertaken a lot of initiatives in the last three years, which have resulted in an additional over Rs 400 crore in the top line since FY2018. We have grown at a CAGR of 11 percent in the last nine quarters and we will grow more than that in the coming period."
The company is expecting its e-mobility and automotive segments to grow by 15-20% over the coming years. The growth is largely supported by the increased push of the government towards the reduction of carbon emissions.
Basavanhalli further added that Ampere scooters, which are primarily present in the rural and semi-urban markets, will now be available in the metro cities as well.
