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Saudi Arabia-based family-owned, diversified global investor and operator Abdul Latif Jameel has committed to invest up to USD 220-million (Rs 1,700-crore) in Greaves Cotton NSE 0.85 %'s e-mobility arm -- Greaves Electric Mobility. As part of the deal, Jameel will initially pump in USD 150-million (Rs 1,160 crores] for a 35.8 per cent stake in the company, making it the second-largest shareholder in the firm, a statement said.

The fresh capital will be utilised for new products, associated technologies, brand building and enhance manufacturing capacity, it said.

India is currently the world's fourth-largest automotive market where the share of EVs in the two-wheeler and three-wheeler segments are expected to increase significantly, the company said.

The company, which offers e-two and three-wheelers in the market, sold 62,000 vehicles, growing at 128 per cent year-on-year, in fiscal 2021-22.

Currently, Greaves Electric Mobility manufactures e-two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (e-auto and e-rickshaw) under the mobility brands Ele and Teja, respectively.

"Abdul Latif Jameel has committed to invest up to USD 220-million (Rs 1700 crores] in Greaves Electric Mobility, marking one of the largest investments in the Indian two-to-three-wheeler space to date," the company said in the statement.

This venture is anticipated to accelerate Greaves Electric transition into the next phase of growth. In addition, it will also help in enhancing the company's competitiveness in terms of product and market reach, the statement said.

"At Abdul Latif Jameel, we are proud to be investing in Greaves Electric at such a critical time for India's EV market. Together, we are embarking on a long-term journey to deliver cleaner, more sustainable - and crucially affordable - transport options to India's population, and beyond," said Hassan Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel.

Through this strategic investment, both parties will be aligned in transforming Greaves Electric into a significant electric two-to-three-wheeler mobility player in India, with the potential to expand its portfolio to other markets in the Global South.

"This investment from Abdul Latif Jameel is an important step towards clean, sustainable and affordable mobility solutions. With this investment, we will continue to deliver tangible value to our customers and shareholders alike," said Nagesh Basavanhalli, Managing Director and Group CEO at Greaves Cotton Limited.