Greaves diversifies business as e-mobility drives revenue1 min read 31 May 2023, 11:08 PM IST
Greaves Cotton's electric mobility division, including its Ampere brand, contributed 42% to the company's revenue in FY23, surpassing its core internal combustion engine business. The firm is expanding its auto businesses with a 60% acquisition in Excel Control Linkages and has partnered with UK firm Eta Green Power to manufacture electric powertrain solutions. However, the firm is also expanding its traditional IC components and non-automotive businesses to maintain profitable growth.
NEW DELHI : Greaves Cotton Ltd’s electric mobility division is now the key driver of its revenue growth, surpassing its core internal combustion engine business, according to a senior official. However, the engine maker is balancing its diversification with expanding its traditional IC components and non-automotive businesses to maintain profitable growth, as the new e-mobility unit will require investments over the next 3-5 years, the official said.