Greaves Cotton Limited has completed the acquisition of the remaining 20% shareholding in Excel Controlinkage Private Limited through the secondary route, taking its total ownership in the company to 100%. The transaction was completed on August 13, 2026, making Excel Controlinkage a wholly owned subsidiary of Greaves Cotton. The development completes the multi-stage acquisition process that began in 2023.
Greaves Cotton had entered into a definitive agreement to acquire Excel Controlinkage on April 6, 2023. The latest transaction fulfils the remaining portion of that agreement and strengthens Greaves Cotton’s presence in the motion control systems segment.
Parag Satpute, Group CEO & Managing Director, Greaves Cotton Limited, said, “The completion of the acquisition of Excel Controlinkage marks an important step in our diversification strategy. Excel brings differentiated engineering capabilities and supports our focus on building businesses that can participate in India’s evolving mobility and industrial ecosystem.”
Established in 1994, Excel Controlinkage manufactures mechanical and electronic motion control systems. Its product range includes push-pull cables, mechanical levers and linkages, and electronic throttle levers.
The company serves customers across several industries, including commercial vehicles, construction equipment, agriculture, material handling, marine and special-purpose vehicles. It also supplies products to the aftermarket.
Excel Controlinkage operates an integrated manufacturing facility for heavy-duty push-pull cables, including inner and outer conduits and end fittings. Its manufacturing and engineering capabilities complement Greaves Cotton’s existing businesses and provide opportunities to expand its presence across mobility and industrial applications. With Excel Controlinkage now fully owned by Greaves Cotton, the company plans to use its engineering capabilities, product portfolio and customer relationships to support future growth.
The acquisition forms part of Greaves Cotton’s wider diversification strategy under its Greaves.Next platform. The group is building businesses across Energy, Mobility and Industrial Solutions, with a focus on engineering-led opportunities and markets linked to India’s industrial and transportation growth. The integration of Excel Controlinkage is expected to further strengthen Greaves Cotton’s commercial vehicle presence while supporting the company’s broader mobility strategy.
Greaves Cotton said the acquisition also provides a platform to build on Excel Controlinkage’s established customer base and manufacturing capabilities. With full ownership, the company will have greater flexibility to align the business with its long-term growth plans and expand its contribution to the group’s diversified portfolio.
With a legacy spanning more than 165 years, Greaves Cotton has evolved into a diversified engineering company with operations across mobility, energy and industrial solutions. The company is recognised for its engineering capabilities and has built a strong presence in engines, powertrain solutions and precision manufacturing. It also has a longstanding association with India’s defence sector, supplying products for a range of military and naval applications.
Greaves Cotton’s electric mobility ecosystem includes Greaves Electric Mobility Limited, which manufactures electric two-wheelers and three-wheelers, and Greaves Finance Limited through its EV-focused financing platform, ev.fin, which provides customised financing solutions for electric vehicle buyers. The proposed investment reinforces Greaves Cotton’s long-term commitment to supporting India’s transition towards cleaner transportation while creating sustainable value through technology-driven engineering and mobility solutions. As the electric vehicle market continues to expand, the company remains focused on strengthening its capabilities and supporting the wider adoption of sustainable mobility across the country.
