Monday, October 25, 2021

Greaves Cotton's acquires 100% of Bestway Agencies to sell E-Rickshaws

  

Greaves Cotton's e-mobility arm acquires 100% of Bestway Agencies to sell E-Rickshaws

Last year in July, the company first announced their intervention with Bestway with 74% stake and added e-rickshaw as part of the portfolio offerings.


Greaves Cotton's e-mobility arm, Greaves Electric Mobility announced a 100% acquisition of Bestway Agencies Pvt. Ltd. (BAPL) which sells E-Rickshaws under the popular ELE brand.

“With this strategic acquisition, we have strengthened our position to become one of largest player now catering to 85% of the last mile mobility segment. We continue to mobilize India ahead, generate gainful employment for e3W users seeking sustainable livelihood opportunities & thus contribute towards building the nation responsibly.” said Nagesh A Basavanhalli, Group CEO and MD, Greaves Cotton.

Last year in July, the company first announced their intervention with Bestway with 74% stake and added e-rickshaw as part of the portfolio offerings. With significant quarter on quarter growth, owning to the increase in petrol prices and people seeking it as the form of livelihood; Greaves has experienced much appreciation from customers & channel partners after adding ELE to their family. As per declared results, ELE E-rickshaws has seen tremendous growth over last year.


Impact on Stock

Avoid  the stock until it crosses and closes above 151 decisively . Till stock will remain sideways. 



Disclaimer- The information on this blog are based on my personal opinion and experience, it should not be considered professional financial investment advice and in no way it should be considered as a tip. We does not take any compensation of any kind whatsoever from any reader, user and company that are mention on this website. We are not SEBI registered financial advisor or analyst.


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