For its Rs 1,171 crore capital investment, Greaves Electric Mobility gives investor Abdul Latif Jameel almost a 36 percent ownership.

Greaves Electric Mobility has announced the completion of the allotment of 68,35,450 equity shares of face value Rs 10 each . This follows Abdul Latif Jameel's announcement earlier this month of a Rs 1171 crore or $150 million capital injection in the corporation .

CHENNAI (Reuters) Greaves Cotton subsidiary Greaves Electric Mobility has announced the completion of the allotment of 68,35,450 equity shares of face value Rs 10 each, representing 35.80% ownership, to global investor Abdul Latif Jameel, by way of preferential allotment through private placement.This follows Abdul Latif Jameel's announcement earlier this month of a Rs 1171 crore or $150 million capital injection in the corporation.Following the allotment, the corporation will continue to be a Greaves Cotton affiliate.On a fully diluted basis, Greaves Cotton's shareholding is now 61.38%.

It currently has a $ 100 million annual revenue growth rate.According to a Greaves Electric Mobility statement, the proceeds from this investment will be used to develop new products, related technologies, and brand awareness, transforming the company into a world-renowned EV manufacturer.In India, the world's fourth-largest automobile industry, where the number of electric vehicles in the two-wheeler and three-wheeler segments is expected to rise dramatically, this strategic investment marks a significant development milestone in the E2W E3W ecosystem.Unlike passenger cars, these segments are less dependent on commercial charging systems.