Greaves Cotton Limited has announced that its Board of Directors has approved the company’s participation in the proposed rights issue of its material subsidiary, Greaves Electric Mobility Limited (GEML). The company plans to fully subscribe to its entitlement in the rights issue, with an investment of up to approximately ₹331 crore.
The proposed investment reflects Greaves Cotton’s continued commitment to GEML, its confidence in the progress of the business to strengthen its position in India’s evolving electric mobility landscape.
Commenting on the development, Parag Satpute, Managing Director & Group CEO, Greaves Cotton Limited, said, “Our proposed investment in Greaves Electric Mobility Limited reflects our conviction in the longterm opportunity presented by India’s transition to sustainable mobility. Backed by a strong balance sheet, healthy cash position and our disciplined capital allocation approach, we continue our focus on the broader Greaves.Next growth journey”
The company stated that the proposed investment is aligned with Greaves Cotton’s long-term strategy of building futureready businesses while creating sustainable value for customers, shareholders and other stakeholders.
