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Updated on: Saturday, October 23, 2021, 04:02 PM IST

Greaves Electric acquires e-rickshaw brand Bestway Agencies

Last year in July, Greaves Electric had acquired 74% stake in Bestway Agencies / Representational Image |

Last year in July, Greaves Electric had acquired 74% stake in Bestway Agencies / Representational Image |

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Greaves Electric Mobility on Saturday said it has fully acquired Bestway Agencies Pvt Ltd (BAPL) which sells e-rickshaws under the ELE brand. The company, which is the e-mobility arm of Greaves Cotton Ltd, has acquired 100 per cent stake in BAPL.

Last year in July, Greaves had acquired 74 per cent stake in the company. ''With this strategic acquisition, we have strengthened our position to become one of largest players now catering to 85 per cent of the last mile mobility segment,'' Greaves Cotton Group CEO and MD Nagesh A Basavanhalli said in a statement.

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 the daily earning potential of the drivers – migrants, unemployed youth.

(With inputs from PTI)

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Published on: Saturday, October 23, 2021, 04:02 PM IST
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