The board of Greaves Cotton Limited has approved the Initial Public Offering (IPO) of its subsidiary, Greaves Electric Mobility Limited (GEML). The offering will consist of a fresh issue of equity shares, alongside a sale of shares by existing stakeholders. This decision, made on December 1, 2024, is pending approval from GEML’s shareholders.
The IPO will proceed based on market conditions, regulatory requirements, and other relevant factors. GEML intends to raise capital through the new share issuance, while some current shareholders will sell their equity. Full details regarding the size, pricing, and participants of the offer for sale will be provided at a later stage.
These specifics will be finalized in consultation with the appointed book-running lead managers. Earlier this year, in September, Greaves Electric Mobility received approval for incentives under the Union Government’s Electric Mobility Promotion Scheme (EMPS) 2024. The subsidiary’s three-wheeler business qualifies for these incentives, which were extended until September 30 after being launched in April.
Greaves Electric Mobility is a leading player in the electric mobility space, focusing on sustainable and innovative solutions for urban transportation. A subsidiary of Greaves Cotton Limited, GEML specializes in the design and manufacturing of electric vehicles (EVs), primarily targeting the three-wheeler segment.
With a commitment to reducing carbon emissions and promoting green energy, Greaves Electric Mobility offers eco-friendly alternatives that cater to a wide range of commercial and personal transportation needs. The company is actively expanding its product portfolio, leveraging cutting-edge technology to enhance efficiency and performance. In line with India’s push for clean energy and sustainable mobility, Greaves Electric Mobility is positioning itself as a key contributor to the future of electric vehicles.
Greaves Cotton Limited is a diversified engineering company with a rich history of over 160 years, known for its leadership in manufacturing engines, powertrain solutions, and electric mobility products. Based in India, the company has evolved from its early days of manufacturing diesel engines to becoming a prominent player in the electric vehicle sector, particularly through its subsidiary, Greaves Electric Mobility.
Greaves Cotton is committed to technological innovation, sustainable growth, and offering high-quality products across various industries, including automotive, energy, and infrastructure. With a focus on providing energy-efficient solutions, the company continues to strengthen its presence in both domestic and international markets.
