Ampere Vehicles to buy 26% stake in 3-wheelers focused EV firm MLR Auto for Rs.19-Cr

Ampere Vehicles Pvt Ltd, a wholly owned e-mobility arm of Mumbai-based, publicly listed Greaves Cotton Ltd, is to acquire a 26% stake in Hyderabad-based MLR Auto Ltd, which designs, develops, manufactures and sells L5 electric three-wheelers, for INR 18.81 crore in cash. It also has the right to increase its shareholding by another 25% on a fully diluted basis within a year from the date of closing of the initial acquisition of 26%. MLR, established in 2009, had reported revenues of INR 14.34 crore in FY20.